Vimeo logo Twitter logo LinkedIn logo

News

Header icon
Back to News An-automated-surface-mount-assembly-machine-installed-at-PSU-Designs's-state-of-the-art-manufacturing-facility-in-Tipton

12th June 2020

Black Country-based power supply unit manufacturer secures £85k coronavirus funding

  • Tipton manufacturer of power supply units secures £85,000 investment
  • Funding boost will support the company’s cash flow during the period of interruption caused by the coronavirus pandemic
  • Funding was secured from the Midlands Engine Investment Fund via delivery partner BCRS Business Loans and the Coronavirus Business Interruption Loan Scheme

A Black Country-based designer and manufacturer of power supply units and battery charging systems has secured a coronavirus funding boost from BCRS Business Loans.

PSU Designs, which has a large design and manufacturing facility in Tipton, secured an £85,000 investment from BCRS via the Midlands Engine Investment Fund (MEIF) in conjunction with the Coronavirus Business Interruption Loan Scheme (CBILS).

Although the company has a decent pre-existing order book, disruption caused by the Covid-19 outbreak has made fulfilment more difficult and as a result of this turnover is down.

PSU Designs will use the funding to support its cash flow until operations reach normal levels, safeguarding many of its jobs.

Nick Arkell, Managing Director at PSU Designs, said:

“Securing this funding boost using the CBILS scheme was an essential step in managing our cash flow during the current period of disruption caused by the coronavirus.

“We are fortunate to have a strong order pipeline confirmed with loyal blue chip companies across the world, so right now it is a case of managing overheads while our turnover is reduced until we reach a point where it is safe to return to work.

“As soon as operations return to normal, we intend to pick up growth plans of developing more orders with new and existing customers, which is bolstered by our reputation and a rare offering of custom design and manufacturing expertise to produce formally approved power supply products that meet worldwide and specific industry safety standards.”

PSU Designs uses analogue and digital microprocessor techniques to produce power supply units for industrial, medical, military and consumer electronic applications. PSU Designs’ battery charging and microprocessor control techniques have seen the company produce a range of latest amendment EN54 power supplies for the Fire Detection Industry.

Stephen Deakin, CEO at BCRS Business Loans, said:

“We are delighted to have supported PSU Designs at a time that is incredibly challenging for all businesses – no matter what size or sector you operate in. Not only is PSU Designs a strong, viable business but its design and manufacturing facility right here in the West Midlands is considered to be a centre of excellence – demonstrating the unrivalled skill of its workforce.

“Small businesses are the backbone of our economy, so it is essential that we do all we can at BCRS to provide SMEs with the funding they need to manage cash flow and safeguard jobs during this pandemic. We believe that no viable businesses in the West Midlands should go unsupported.”

Ryan Cartwright, Senior Manager at the British Business Bank, said: “In these times, it is important that funds are deployed quickly and efficiently to support businesses. It’s great to see BCRS providing MEIF loans backed by CBILS, allowing businesses like PSU Designs to adapt to the current challenges and manage their cash flow. We would encourage any SME’s in the region looking for finance to consider funding options available through MEIF, which remains very much open for business.”

The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS).

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.

West Midlands based businesses can secure loans from £50,001 to £100,000 via CBILS from accredited lender BCRS Business Loans. Visit www.bcrs.org.uk to discover more.

Follow @midsenginv

Are you looking to secure business finance?

For information on what investment type is suited to your firm's needs, visit the @BritishBBank’s Business Finance Guide here: https://t.co/u5u3LyQcif https://t.co/LcHCDyt0kJ
MidsEngInv photo

Stay up to date with the latest #MEIF investments and fund announcements by visiting our news page here: https://t.co/8KEIg61nsB https://t.co/UyLelZ6LAM MidsEngInv photo

Are you new to the @BritishBBank’s #MEIF? For clear information on the finance available through the Fund please visit our Quick Reference Guide here: https://t.co/SDilCE6y9Q https://t.co/cjEwnvR6n9 MidsEngInv photo

The #MEIF is now on LinkedIn. Follow us for the latest investment news, fund updates and information on securing external finance.

Connect here: https://t.co/mhwkGSoAcr https://t.co/VXP3Zc0pJ0
MidsEngInv photo

#MEIF Small Business Loans are available for a wide range of purposes including filling gaps in growth capital, funding new projects or purchasing equipment.

Connect with our fund managers @B_C_R_S and @1st_Enterprise and access more information here: https://t.co/FMbFV547x6 https://t.co/hnbIVDvsgI
MidsEngInv photo
Find Out More

If you would like to meet with one of our appointed Fund Managers to talk in more detail please go to Funds Available to find the Fund Managers operating in your area

small business loans

Small Business Loans

£25k – £150k

Small Business Loans page
Learn More
debt finance

Debt Finance

£100k – £1.5m

Debt Finance page
Learn More
equity finance

Equity Finance

£50k – £2m

Equity Finance page
Learn More
proof of concept

Proof of Concept

Up to £750,000

Proof of Concept page
Learn More
Follow @midsenginv

Are you looking to secure business finance?

For information on what investment type is suited to your firm's needs, visit the @BritishBBank’s Business Finance Guide here: https://t.co/u5u3LyQcif https://t.co/LcHCDyt0kJ
MidsEngInv photo

Stay up to date with the latest #MEIF investments and fund announcements by visiting our news page here: https://t.co/8KEIg61nsB https://t.co/UyLelZ6LAM MidsEngInv photo

Are you new to the @BritishBBank’s #MEIF? For clear information on the finance available through the Fund please visit our Quick Reference Guide here: https://t.co/SDilCE6y9Q https://t.co/cjEwnvR6n9 MidsEngInv photo

The #MEIF is now on LinkedIn. Follow us for the latest investment news, fund updates and information on securing external finance.

Connect here: https://t.co/mhwkGSoAcr https://t.co/VXP3Zc0pJ0
MidsEngInv photo

#MEIF Small Business Loans are available for a wide range of purposes including filling gaps in growth capital, funding new projects or purchasing equipment.

Connect with our fund managers @B_C_R_S and @1st_Enterprise and access more information here: https://t.co/FMbFV547x6 https://t.co/hnbIVDvsgI
MidsEngInv photo

For the latest news and views join our mailing list

Join our mailing list

Just add your details below to receive the latest Northern Powerhouse Investment Fund news and information