Engine funding for Direct Digital Controls drives expansion
A Brierley Hill firm has become one of the first to benefit from a new £250 million investment fund for Midlands businesses.
The Midlands Engine Investment Fund (MEIF) was launched last month to give small and medium-sized companies greater access to vital finance so they can grow and create more jobs.
Building energy and environmental control firm Direct Digital Controls is one of the first businesses to receive finance from the fund.
It won the finance to help expand its wired and lighting control division. Direct Digital Controls previously sub-contacted this work and the funding has enabled it to set up the division by taking on four new employees and training an additional apprentice.
The small business loans investment from MEIF will help the company specialise in a number of key business sectors.
Direct Digital Controls plans and fits its customers’ buildings with the most environmentally friendly and cost-efficient energy systems on the market. Alongside this, the firm offers a monitoring service that ensures its customers’ system keeps operating at peak efficiency long after the project is completed.
Originally turned down by traditional lenders, the company secured a packaging of funding through MEIF that has been delivered by the fund's West Midlands small business loans fund manager, Wolverhampton-based BCRS Business Loans .
Bob Taylor, director at Direct Digital Controls, said: “Securing finance from BCRS Business Loans and the Midlands Engine Investment Fund is a pivotal step in the future of our business growth, giving us the backing we need to expand and reach out to new customers UK-wide. Meaningful expansion requires extra talent and an investment in new business, we’re now ready to take the next step.”
Grant Peggie, director at the British Business Bank, which backs the fund, said: “It is great to hear that this British Business Bank funding has not only been used to make four new hires, but also begin training an apprentice, meaning that Direct Digital Controls can not only fast track its current growth, but secure its success in the long term.”
Paul Kalinauckas, chief executive of BCRS Business Loans, added: "We are really pleased to have made one of our first loans under the Midlands Engine small business loans fund programme, enabling a local company to achieve its growth plans.
"We have £17 million to deliver in loans over the next five years. There is still a major problem for small businesses accessing finance. Hopefully this will enable entrepreneurs to concentrate on running their businesses rather than scrabbling around for finance."
Paul Brown, strategic oversight board member of MEIF, said: “The Black Country LEP (Local Enterprise Partnership) has invested a lot of resources in the Midlands Engine Investment Fund, as it believes access to finance is crucial to driving growth of the local economy. It’s excellent to see that a Black Country SME has been one of the first recipients of the fund in the West Midlands, especially an ambitious company with such strong credentials as Direct Digital Controls.
“The Black Country Growth Hub is working very closely with British Business Bank and the managers of the funds currently available; our advisors look forward to directing more businesses to the funds and facilitating the plans of ambitious businesses.”
