Nottingham medical firm, Olberon Ltd, has secured a five-figure loan to help manage the disruption caused by the coronavirus pandemic.
The finance was provided by First Enterprise – Enterprise Loans through the Midlands Engine Investment Fund, supported by the Coronavirus Business Interruption Loan Scheme (CBILS).
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
Founded in 2005 by radiologist Dr Arash Bakhty, Olberon develops specialist medical devices that improve intravenous accessibility and help with ear and nose procedures. The £80,000 investment will help to alleviate operational cash-flow for the next 12 months as well as support distributors, maintain IP rights for products, and cover various legal and regulatory costs.
The news follows similar recent funding allocations into D2N2 businesses by the MEIF including £2.25m into health sciences firm Locate Bio and £200,000 into videogame payment platform Transaction Technologies.
Midlands Engine Investment Fund
Dr Arash Bakhtyari, founder of Olberon Ltd, said: “Like most businesses, we’ve had to adapt our strategies to protect ourselves through the COVID-19 pandemic and ensure the development of our unique product portfolio continues to advance within the resources available to us. All our products are unique with substantial global market opportunity, which has attracted interest in licensing and commercial collaboration.
“Thanks to the CBILS loan from First Enterprise – Enterprise Loans, we have been able to cope with the significant challenges posed over the last few months and move forwards to build on the promising start we had to the year. In the coming months, we’ll be speaking with a number of countries about the manufacture and distribution of our unique products to ensure we have a robust pipeline of work.”
Sajeeda Rose, Chief Executive of the D2N2 LEP, said: “It’s essential we support innovative businesses like Olberon to secure their future in the global marketplace, particularly during this time of change. Through the Midlands Engine Investment Fund, we want businesses to have the opportunity to grow and innovate further so they can contribute to the economic recovery and growth of our region.”
Suhail Hashmi, Business Adviser at First Enterprise – Enterprise Loans, commented, “No business is immune to the far-reaching impact of COVID-19. Without the pandemic, Olberon would have been performing incredibly well. This finance is helping them weather the storm and maintain operations throughout this period. “I feel very privileged to support SMEs during this time and wish Arash and the Olberon team the best of luck – I have no doubt they will be fighting fit again very soon.
Lewis Stringer, Senior Manager at the British Business Bank, added: “Finance from the MEIF and CBILS can help businesses to deal with the challenges arising due to the coronavirus pandemic. The funding can be used to support cash flow and help ensure businesses remain viable. We’re pleased to see this funding support another innovative business in the East and South-East Midlands.”