Ashington-based Innovision Global has secured a £50,000 loan through the Finance for Business North East Microloan Fund, a regional loan scheme managed by Rivers Capital Partners. The Fund enables small businesses to access the money they need to start-up or grow.
Innovision develops products for pedestrian accessibility and safety. Formed in February 2014 to exploit the huge potential from Flexitact and Secure-Step products, Innovision have developed an automated plant to produce a reliable product whilst substantially reducing manufacturing costs.
The company’s product range encompasses tactile surfaces for the partially sighted, anti-slip step nosings and wayfinding systems. The products are based on a unique polymer which, when combined with a catalyst, forms an amazingly strong molecular bond with all existing floor surfaces.
The team at Innovision manufacture simple and elegant safety systems to last. This approach has not only led to products which are far superior and long lasting, but also far more simple and economical to install than traditional solutions.
The loan secured through the Microloan Fund enabled Innovision to complete their automated manufacturing line and to replace long-standing equipment. Dave Wagstaff, R&D engineer for the business 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.”
Innovision first heard about the Microloan Fund through Venturefest North East, the region’s annual innovation conference that supports and accelerates business growth through innovation. Venturefest brings together entrepreneurs, innovators and investors with academics, experts and advisors with specific innovation expertise to explore new opportunities.
Simon Green, executive director at Venturefest said: “It’s always great to hear the success stories of the investor relationships we broker at Venturefest and it’s especially pleasing to learn that a proud North East manufacturing company has been supported as a result. We look forward to hearing more good news from Innovision as this crucial investment makes an impact on the business.”
Rivers Capital investment executive Kristine Murane said, “Innovision are very passionate about the products they manufacture, making them an ideal candidate for a Microloan and a great example to North East businesses. Their combined experience and knowledge of the industry makes this a really attractive investment for us.”
The North East Microloan Fund is committed to providing small businesses in the region with loans from £1,000 up to £50,000. It is aimed at individuals who have a solid business plan, but are unable to secure mainstream funding. The decision to provide a loan is not based on the various assets a company may have, but rather the overall quality of the business.