£75,000 boost for Ilkeston firm
Ilkeston-based engineering firm R.A Labone and Co Ltd has two reasons to celebrate this year.
For as well as being in business for half a century the company has landed a major new contract with the help of a Global Derbyshire Small Business Support Programme.
The family business, which makes components for use in car manufacturing and for the medical device market, bid for a Global Derbyshire grant of £75,000 to help produce a new product crucial to the continued growth of the company.
And when the bid was successful, it gave the firm the extra financial backing needed to buy and install a dedicated rotary injection moulding machine and associated manufacturing cell to start producing components for tyre pressure monitoring systems that will soon be fitted to all car tyres.
Now the company, based on Lower Middleton Street, expects to recruit up to six extra staff to produce around four million parts every year.
Max Pulford, Business Development Manager at R.A Labone and Co Ltd, said:
"The grant from Global Derbyshire was a key driver in getting this contract up and running. The company is making a huge financial commitment to get the project off the ground and that brings a high degree of risk but the grant helped to soften the blow. It gives the company the confidence to take that step forward and it gives the banks confidence in lending us the extra finance needed for the project."
Max said he would encourage other local businesses to apply for a Global Derbyshire grant.
"We're all operating in challenging times so anything which can help a business develop has got to be welcomed."
If you think your business could benefit from a Global Derbyshire grant then please get in touch so we can advise you and help you with your application. Simply email firstname.lastname@example.org or call us on 01629 539325 or 01629 538245.
Alternatively you can apply online on the Derbyshire Economic Partnership website (opens in a new window).
Businesses need to apply for funding by November 2014 and any projects awarded funding need to be complete by 31 March 2015.