News - 03 November 2020

Nottingham Medical firm receives £80,000 from Midlands Engine Investment Fund

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.”

Latest News & Events

19 July 2024

Local business support boosted with launch of Early Stage Angel Investment Fund

Read Article

21 June 2024

Spotlight on our Board: Scott Knowles, Chief Executive, East Midlands Chamber, on the D2N2 LEP transition and East Midlands devolution

Read Article

11 June 2024

The D2N2 LEP staff team joins the East Midlands Combined County Authority (EMCCA)

Read Article

07 June 2024

Becky Rix, Marketing Director at Roadgas, explains why Roadgas is a proud member of the East Midlands Hydrogen Consortium

Read Article

05 June 2024

Spotlight on our Board: D2N2 LEP Board Member Natasha Johnson, Director of Partnerships at Global Entrepreneurs UK

Read Article

05 June 2024

Free Expert Business Advice and Support available through East Midlands Chamber’s Accelerator Programme

Read Article

03 June 2024

Spotlight on our Board: D2N2 LEP Board Member Professor Edward Peck CBE, Vice-Chancellor and President, Nottingham Trent University

Read Article

24 May 2024

Focus on the East Midlands: our time is NOW!

Read Article

24 May 2024

D2N2 LEP CEO, Will Morlidge, shares our East Midlands Hydrogen ambitions at UKREiiF

Read Article

24 May 2024

East Midlands Freeport and Freeport East Sign Green Freight Corridor Initiative at UKREiiF

Read Article

Get in touch.

Subscribe to our newsletter

Sign up
Address

D2N2 Local Enterprise Partnership
8 Experian Way
Nottingham
Nottinghamshire
NG2 1EP

Social

Our Partners