Sandwell power supply manufacturer receives coronavirus funding boost

A Sandwell designer and manufacturer of power supply units and battery charging systems has secured a coronavirus funding boost to support its cash flow until operations return to normal levels.

Tipton-based PSU Designs offers a combination of custom design and manufacturing expertise in both analogue and digital microprocessor techniques. It supplies many sectors, including robotics, military, medical, oil, marine, roadside lighting and hardware, and many more.

The firm secured an £85,000 investment from BCRS Business Loans via the Midlands Engine Investment Fund (MEIF) in conjunction with the Coronavirus Business Interruption Loan Scheme (CBILS).

BCRS helps small and medium sized enterprises in the West Midlands to access business finance by providing loans from £10,000 to £150,000. It was established in 2002 as a non-profit distributing co-operative lender to support the growth of SMEs with a dedicated business loan fund.

CBILS was set up as part of a wider package of government aid to provide financial support to SMEs across the UK that are losing revenue, or experiencing disruption to their cashflow, as a result of the COVID-19 outbreak.

Although PSU Designs has pre-existing orders, disruption caused by COVID-19 has made fulfilment more difficult and as a result its turnover is down. The company will use the funding to safeguard many of its jobs by supporting its cash flow until operations return to pre-lockdown levels.

When it is considered safe to return to work and operate at normal levels of output, PSU Designs intends to continue its growth plans by developing more orders with existing and new customers using its custom design and manufacturing expertise.

Does your SME need funding support? Visit the CBILS website for more information about what is available and how to access funding. For other COVID-19 advice and support visit our Coronavirus: support for Sandwell businesses page.

 

:-)