Lloyds has opened a financing and invoice discounting facility to Orbik Electronics, a UK SME.
The firm has obtained a £350,000 loan, which will be used to expand its manufacturing plant, as well as a £1.5mn invoice discounting facility, which will help support the company’s working capital, as it faces increased overseas demand for its products.
The company produces emergency control gear for fluorescent lamps and LED light sources and has an annual turnover of £10mn. Managing director Philip Elwell says the company is hoping to continue to grow its exports.
He adds: “This funding will enable us to meet our growing customer demand, whilst providing us with the working capital to pursue new business opportunities here in the UK.”