A Black Country manufacturer is looking to target new markets and create jobs after boosting its machinery with the support of a £490,00 funding deal.
Established in 1992, RMP Products manufactures precision components at its 16,500 sq ft base in Wednesbury for UK clients in sectors such as rail and transport, oil and gas, nuclear and recycling.
To accelerate its plans to reach new customers, particularly in the offshore industry, it has purchased two metal cutting machines with the support of a £490,000 loan from Lloyds Bank.
The bank's commercial finance team provided a hire purchase facility to buy the Ernst Deburring machine and the Gemini Ficep Fabrication machine.
An additional £72,000 was secured by the business through the Government's Regional Growth Fund.
The investment has already resulted in a new job at the business, with further opportunities expected in sales and inspection over the coming months.
A new apprentice is also set to join the business, which now employs 26 people and has an annual turnover of £5.5 million.
Director Paul Dyche said: "Investing in these new machines is a significant step in our growth strategy, as it complements our current processes, allowing us to shorten lead times and increase production capacity.
"The support of Lloyds Bank has been instrumental in this process and the business is now focusing on securing new business and expanding our presence in the offshore industry."
Lauro Rodi, regional manager at Lloyds Bank Commercial Finance, added: "Manufacturing is the cornerstone of the Midlands economy, and investing in new technology is essential in such a competitive industry, and by using a hire purchase facility RMP Products was able to buy the machines without the purchase impacting its working capital."