A Cannock-based manufacturer of stainless steel metal components has received £60,000 from the Midlands Engine Investment Fund (MEIF).
Run by father and son team Nigel and Jake Mason, Stainless Metal Solutions Ltd (SMS) secured the finance to help purchase new equipment and expand its team - creating an additional two jobs as part of ongoing growth plans.
Nigel Mason, Director at SMS, said: “Benefitting from over 30 years’ experience in supplying coil and sheet to UK and European markets, we have built an excellent reputation in our sector which has influenced recent growth.
“We required funding to purchase new equipment, which has enabled us to advance our product range. This will not only help us boost sales, but also create two new jobs for local people, which is very important to us.”
Jake Mason, Co-Director at SMS, added: “Recent advancements in our sheet polishing department have given us a competitive advantage in the commercial kitchen sector – an area of growth for the firm that we seek to build on with this investment.”
Stainless Metal Solutions secured the funding from the MEIF Small Business Loan Fund, delivered by regional lender BCRS Business Loans.
Louise Armstrong, Senior Business Development Manager at BCRS Business Loans, said: “With a raft of experience and strong plans for the future, we were delighted to be able to provide SMS with the funding it needed to grow, giving the firm a real edge over competitors.
“As a not-for-profit organisation that lends for social and economic impact, we are pleased to see SMS creating jobs which will be beneficial for the local community.
Stoke-on-Trent and Staffordshire Local Enterprise Partnership Chairman David Frost CBE, said: “Small businesses are the cornerstone of our economy and their can-do attitude and appetite for innovation make Stoke-on-Trent and Staffordshire a great place to invest and do business, so it is good to see this MEIF funding being used to support investment in a go-ahead local firm.
“Our region has a diverse and expanding range of impressive small and medium enterprises. Stainless Metal Solutions is an excellent example of this and I wish them every success for the future.”
To discover more about the MEIF small business loan fund in the West Midlands, visit www.bcrs.org.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.
If you would like to meet with one of MEIF's appointed Fund Managers to talk in more detail please go to Funds Available to find the Fund Managers operating in your area