Streamline Press has benefitted from a £250,000 invoice discounting package that will provide room for growth.
The money comes from Maven East and South East Midlands Debt Finance, supported by the EU and the European Regional Development Fund. It is part of the Midlands Engine Investment Fund. Managing director Mark Lockley says: “We are thrilled to receive funding from MEIF Maven Debt Finance. Our company is much more than print, with knowledgeable, experienced people who have spent their working lives in the world of print – we are passionate about ensuring that they continue to grow with us on this journey.
“The funding will help us to achieve just that, enabling us to improve profits, grow the business and realise our full potential.”
It aims to adapt to market conditions and consolidation underway across the industry by focusing on high end products in short runs and enable it to enhance its ability “to innovate, improve production capability, expand its operations team and support its overall growth strategy”.
The company had found that it could not raise the sum to underpin these growth plans from more traditional sources. “This is a company that is looking to grow and create jobs over the next two to three years,” says Richard Altoft, investment director at Maven. “We are a top funder, lending very much on the track record of the business and their growth plans.”
Maven has access to funds to support business in the West Midland and East Midlands. Support is not tied to any one industry. Altoft adds: “For the right deal and the right track record and a strong management team and good projections, we would be happy to a have a look at providing support.”
The Midlands Engine Investment Fund has able to provide loans from £25,000 to £2 million through debt finance, loans, proof of concept and equity finance funds. The project is receiving up to £78,550,000 of funding from the England Regional Development Funds, in turn supported by the EU’s Regional Development Fund.
Streamline sales director Richard Smith says: “It’s a very exciting time for all of us. Help from the MEIF will give us the boost we need to ensure Streamline can stay at the top of our game. The support offered will strengthen our service for valued existing customers as well as helping us to drive some exciting new sales growth.”
Mark Lockley, right, and Richard Smith flank Maven's Richard Altoft from Maven after the funding company helped secure the money needed by the Leister printer to push ahead with expansion plants when a high street lender would not have lent the money.