Firm funding for innovation
A specialist manufacturer is stepping up its pedestrian products after securing a Â£50,000 loan.
Ashington-based Innovision Global, which develops products for accessibility and safety, received the cash through the Finance for Business North East Microloan Fund.
The scheme, managed by Rivers Capital Partners, has enabled the business to complete its automated manufacturing line and replace long-standing equipment.
The kit is vital for the company’s development in making products such as tactile surfaces for the partially sighted, anti-slip step nosings and wayfinding systems, based on a unique polymer that can form a strong bond with existing floor surfaces.
Research and development engineer Dave Wagstaff said: “The capital injection provided by Rivers has enabled us to complete the procurement of equipment required to automate our manufacturing plant so that we can react quickly to our clients’ needs, be it small bespoke orders or bulk orders from overseas.
“The Microloan process was straightforward and fills the void for businesses like us seeking finance for innovative products.”
The fund provides small businesses with loans from £1,000 up to £50,000, based on the overall quality of the enterprise.
Rivers Capital investment executive Kristine Murane said: “Innovision is very passionate about the products it manufactures, making it an ideal candidate for a Microloan and a great example to north east businesses.”