Lighting and electrical products distributor Red Arrow Trading is receiving £4.5 million from HSBC, South Yorkshire.
The money received will be used to increase the amount of stock as well as create new products. They hope this will provide a broader range of their target market sectors. Red Arrow Trading hopes to increase sales by £3 million by 2016 (increasing to £15 million), and wants to hit £25 million within six years.
Recently, HSBC set up a £500 million SME Fund for small and medium businesses.
Red Arrow Managing Director, Stephen Bricknell, said:
The finance will enable us to offer a wide range of products in greater volume.
The expansion will include their range of LED light bulbs because:
customers are increasingly demanding this product, we believe it will move to become the standard.