RED CCTV have become the first business to benefit from the new Northern Powerhouse Funding Initiative.
They were given £200,00 worth of funding to develop a new rage of hybrid solar powered security solutions.
The funds, £1000,00 from the NPIF (Northern Powerhouse Investment Fund) and an additional £100,000 from the Nat West, will be crucial to company growth.
The load is the first since BFS and MSIF Microfinance were appointed to manage the fund in the North West.
Robert Kennedy, Managing Director of Red, said: “Our business was already doing well but we wanted to invest and grow by implementing new technologies and services.
“Being able to access the funds we needed from BFS and NatWest will now put us at the forefront of cutting edge technology in our field.
“That will mean solar powered and hybrid CCTV systems reducing carbon emissions for our security vehicles to plant & body worn CCTV with live video transmission for remote supervision and compliance.
“We are very proud to be one of the first companies to have been awarded access to the Northern Powerhouse Investment Fund in this, the home of the industrial revolution.”
Director of BFS Paul Breen said: “RSS was originally referred to us by the Business Growth Hub’s Access to Finance service and, working in partnership with private sector partners like NatWest and the Growth Hubs, we can offer an even wider and more flexible choice of alternative finance to the region’s businesses.
“RSS is a highly innovative and ambitious company that was unable to secure the full amount of funding they needed from the bank. Our relationship with NatWest meant that we were able to partner with them to create a matched funding option with the NPIF that now enables RSS to get the financial help and the confidence they need to enable them to compete in a local, national and global marketplace.”
Mark Gibbons, Senior Loans Manager at BFS, said: “We are delighted to be able to support RSS in securing joint finance with NatWest. Collaborating with Access 2 Finance and funding partners such as NatWest is a way we can support growth businesses to secure much needed finance to support their growth plans. RSS already has a good name within the industry and this finance will enable them to take their business from strength to strength and compete on a nationwide platform for future tenders.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
For more information about Northern Powerhouse Investment Fund, please visit www.npif.co.uk.
The Merseyside Special Investment Fund Limited group of funds are managed by Alliance Fund Managers Limited which is regulated by the Financial Conduct Authority in the course of investment business. Financial Conduct Authority Registration Number is 180891.
BFS Funding Managers Limited is regulated by the Financial Conduct Authority as a Small Authorised UK AIFM under firm reference number 608682.