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Funding available for Marches businesses looking to scale-up

The Hub News Team | 17.4.19

06 Sean Hutchinson Raj Minhas Johdie Harris Miles Freeman and Andy PoveyBusinesses across the Marches area looking to scale-up their enterprise are being reminded to apply for financial support through The Midlands Engine Investment Fund (MEIF).

The prompt comes after Midlands-based company Aurelius Environmental secured a £1.5m debt funding package from the fund through Maven Capital Partners.

It will be used by the business, which recycles lead acid batteries, to purchase new machinery to improve efficiencies, reduce the company's carbon footprint and help to support its sustainable development strategy.

Aurelius' management team has considerable industry experience and is led by CEO Miles Freeman, a former operations director of Ecobat Technologies, the world's largest producer and recycler of lead.

He said: "We are delighted to receive funding from MEIF Maven Debt Finance.

"As an established business, we are committed to revolutionising the waste management and recycling industry and the funding will enable us to invest in advanced machinery which produces virtually zero waste."

Andy Povey, investment manager at Maven Capital Partners added: "The Midlands has historically been a key driver of UK economic growth and a hotbed for innovative smaller businesses.

"We're delighted to back an established, sustainable business whose social and economic ethos enhances the process by which it recycles lead acid batteries to produce purer products for re-use. We look forward to supporting the Aurelius team in their quest to revolutionise the waste management and recycling industry."

Aurelius is one of a number of businesses to benefit from funding through MEIF, which is supported by the European Regional Development Fund and provides commercially focused finance through Small Business Loans, Debt Finance, Proof of concept and Equity Finance Loans.

Businesses across the Marches are reminded that they too are eligible for support from the fund and more information can be accessed here.


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