Sylvan Enterprises has received a £500,000 loan through the Midlands Engine Investment Fund ESEM Debt Finance fund and backed by the Coronavirus Business Interruption Loan Scheme, managed by Maven Capital Partners.
Sylvan is based in Mansfield, Nottinghamshire and specialises in the manufacturing of contract furniture where it coordinates with a range of interior designers, architects and specifiers throughout the design and manufacturing process.
Operating in the contract furniture sector for over 25 years, Sylvan works with a number of well-known clients including Hilton, Accor, IHG, and Bannatyne Health Club and Spa. They plan to use the funding package to support their growth capital needs as well as expanding into new markets, with plans to enter the social care and education sectors.
Amanda Page, Commercial Director for Sylvan Enterprises comments: “After what has been a very challenging year, this finance will enable Sylvan to venture into new markets with confidence, knowing that we have the capital behind us to do so. It has also enabled us to take on two larger projects in 2021 with the full knowledge that cash flow will not cause any issues during the early stages of both projects.’’
Sajeeda Rose, Chief Executive for D2N2 said: “Businesses with a plan for growth are vital for our region’s economic recovery, so I’m delighted that Sylvan has secured investment from the Midlands Engine Investment Fund to support is commercial expansion into new markets”
The Midlands Engine Investment Fund
The MEIF is a collaboration between the British Business Bank and ten Local Enterprise Partnerships (LEPs) in the West Midlands and East Midlands. It is supported by the European Regional Development Fund, the European Investment Bank, Department of Business, Energy and Industrial Strategy and British Business Finance Ltd. The D2N2 LEP has contributed £11.75m of ERDF to the Midlands Engine Investment Fund.
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy (BEIS).