Midlands Engine Investment Fund Deal Energises Direct Digital Controls Limited
10 Apr 2018
Published in: Member News
Direct Digital Controls Limited has received investment from the Midlands Engine Investment Fund (MEIF) Small Business Loans to help further its specialisms in a number of key business sectors and grow its current workforce, making it one of the first businesses to be funded by the finance vehicle.
Headquartered in Brierley Hill, the company specialise in consulting, planning and fitting its customers' buildings with the most environmentally friendly and cost-efficient energy systems on the market. Alongside this, the firm offer a monitoring service that ensures its customers' system remains at an optimal level long after the project is completed.
Originally turned down by traditional providers, this package of funding was supplied by the Midlands Engine Investment Fund and delivered through its West Midlands Small Business Loans Fund Manager - BCRS Business Loans Limited. Using this influx of capital, Direct Digital Controls Limited plans to expand its wired and lighting control division - a sector that it previously subcontracted but is now looking to incorporate internally by taking on four new employees and training an additional apprentice.
Bob Taylor, Director at Direct Digital Controls, said: "Securing finance from BCRS Business Loans and the Midlands Engine Investment Fund is a pivotal step in the future of our business growth, giving us the backing we need to expand and reach out to new customers UK-wide. Meaningful expansion requires extra talent and an investment in new business, we're now ready to take the next step."
Grant Peggie, Director at the British Business Bank, commented: "It is great to hear that this British Business Bank funding has not only been used to make four new hires, but also begin training an apprentice, meaning that Direct Digital Controls Limited can not only fast-track its current growth, but secure its success in the long term."
Paul Kalinauckas, Chief Executive of BCRS Business Loans, added: "We are really pleased to have made one of our first loans under the Midlands Engine small business loans fund programme, enabling a local company to achieve its growth plans.
"We have Â£17 million to deliver in loans over the next five years. There is still a major problem for small businesses accessing finance. Hopefully this will enable entrepreneurs to concentrate on running their businesses rather than scrabbling around for finance.
Paul Brown, Strategic Oversight Board Member of the Midlands Engine Investment Fund, said: "The Black Country LEP has invested a lot of resources in the Midlands Engine Investment Fund, as it believes access to finance is crucial to driving growth of the local economy. It's excellent to see that a Black Country SME has been one of the first recipients of the fund in the West Midlands, especially an ambitious company with such strong credentials as Direct Digital Controls Limited.
"The Black Country Growth Hub is working very closely with British Business Bank and the managers of the funds currently available; our advisors look forward to directing more businesses to the funds and facilitating the plans of ambitious businesses."
The Midlands Engine Investment Fund, will invest in Debt Finance, Small Business Loans, Proof-of-Concept and Equity Finance funds, ranging from Â£25,000 to Â£2m, specifically to help small and medium sized businesses secure the funding they need for growth and development. For more information on the funding available, please visit www.meif.co.uk.
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
No comments have been submitted yet.
Post A Comment
You must be logged in to post a comment. Please click here to login.