BFS made the first award from the Northern Powerhouse Investment Fund (NPIF) to Red Security Solutions (RSS) in partnership with NatWest, with BFS and NatWest each loaning the business £100k.
This is the first loan award from the fund since BFS was appointed by the British Business Bank (BBB) in February 2017 to manage the NPIF BFS & MSIF Micro Finance Fund in partnership with MSIF in Liverpool.
RSS, which is based in Irlam, provides mobile CCTV Solutions to the construction, utilities and rail sectors. They will now use the £200k investment to support the expansion of the business, to develop new hybrid and solar powered security solutions and to create and safeguard 12 jobs.
Robert Kennedy, Managing Director of RSS, said: “Our business was already doing well but we wanted to invest and to grow by implementing new technologies and services. Being able to access the funds we needed from BFS and NatWest will now put us at the forefront of cutting edge technology in our field – from solar powered and hybrid CCTV systems reducing carbon emissions for our security vehicles to plant & body worn CCTV with live video transmission for remote supervision and compliance.
“We are very proud to be one of the first companies to have been awarded access to the Northern Powerhouse Investment Fund in this, the home of the industrial revolution.”
Director of Business Finance Solutions Paul Breen said: “RSS was originally referred to us by the Business Growth Hub’s Access to Finance service and, working in partnership with private sector partners like NatWest and the Growth Hubs,we can offer an even wider and more flexible choice of alternative finance to the region’s businesses.
“RSS is a highly innovative and ambitious company that was unable to secure the full amount of funding they needed from the bank. Our relationship with NatWest meant that we were able to partner with them to create a matched funding option with the NPIF that now enables RSS to get the financial help and the confidence they need to enable them to compete in a local, national and global marketplace.”