Pictured above: James Underwood- Managing Director of
Micro-Mesh Engineering Ltd and Clare Thompson- emda's Business
Investment Appraisal Manager.
Micro-Mesh Engineering Limited, a Nottingham based engineering
company, specialising in the manufacture of industrial filters and
filtration equipment, is developing a product which could generate
an extra £250,000 of turnover per year, thanks to a Grant for
Business Investment received from East Midlands Development Agency
(emda) and the European Regional Development Fund (ERDF).
Founded in 1968, Micro-Mesh manufactures filtration equipment
for the mining, rail and off road vehicle industries and exports
13% of their products. The company is investing a total of
£340,000 to extend their existing premises and purchase plant
and machinery.
The grant of £65,000 will enable Micro-Mesh to manufacture
a larger range of products tailored for export markets. One of the
products that will be developed is a self cleaning black flush
filter which the company estimates could generate an additional
£250,000 of turnover per year, and open up new markets for
the company.
Mr James Underwood, Managing Director of Micro-Mesh Engineering,
commented: "The GBI has been vitally important in enabling us to
develop our business, so that we can reach the next stage of our
development and growth. Thanks to the grant, we are able to extend
our premises and invest in plant and machinery, which will enable
us to increase our product range, increase capacity and enter new
markets."
Grant for Business Investment is a discretionary scheme
delivered by the Regional Development Agencies, on behalf of BIS,
the Department for Business, Innovation and Skills. It is aimed at
businesses which need financial help to invest in land and
buildings and plant and machinery in order to expand and
modernise.
John O'Reilly, emda's Business Support Director, said:
"Micro-Mesh Engineering is an excellent example of a company
experiencing growth despite the difficult economic climate. Grant
for Business Investment is already helping many businesses across
Nottinghamshire and the whole of the East Midlands to develop and
grow, and I would like to encourage other small and medium sized
businesses that are thinking of applying to get in contact with us
to find out how we can help them."
GBI is available to small and medium-sized enterprises across
the East Midlands and grants range from £10,000 to £2m.
The criteria for GBI relate to location, need, the size and type of
the business, the nature and size of the investment, viability, and
the quality of the project.
Earlier this year, emda also announced that it would be
providing an additional £9.5 million to the GBI scheme, with
the European Regional Development Fund (ERDF) contributing a
further £1.4 million. The funding will be made available to
support businesses up until 2014.