Source: Elliot Brown
Sheffield-based lighting and electrical products distributor Red Arrow Trading has secured £4.5 million in finance from HSBC's South Yorkshire commercial team.
Red Arrow will use the money to increase the range and volume of stock it holds, opening up new possible target sectors.
It aims to increase sales by £3 million by 2016 to £15 million, and wants to hit £25 million within six years.
The finance has been allocated from the £500 million SME Fund launched recently by HSBC for small and medium sized businesses.
"The finance will enable us to offer a wide range of products in greater volume," said Stephen Bricknell, Red Arrow managing director.
Part of this includes the expansion of the company's LED lighting range, because "customers are increasingly demanding this product", explained Bricknell. "We believe it will move to become the standard."
Red Arrow imports primarily from China and distributes to a range of electrical wholesale customers across the UK. Bricknell says the bank's presence in the Chinese market has been a "great benefit".