PRB Drainage secures RGF funding
A Hinckley-based drainage specialist is the first recipient of investment under RBS's £70m Regional Growth Fund (RGF) allocation.
PRB Drainage obtained £38,000 from the bank's RGF cashpot alongside a £132,000 leasing arrangement from RBS's asset finance division Lombard.
To manage operational costs, Greenfield Business Park-based PRB Drainage said the money was invested in a new mobile water treatment plant.
Previously, tank loads of waste were taken away to be cleaned, whereas the new mobile unit now enables PRB Drainage to do this all on site.
The move is set to safeguard two jobs and help with future recruitment plans, added the company.
Lisa-Maria Ellis, senior relationship manager at Lombard in Leicester, said: "For any lending there has to be a solid business plan from the customer. PRB Drainage not only had this, but its plans to support its workforce also meant it qualified for the Regional Growth Fund scheme.
"The extra funding made the machine more affordable by lowering the customer’s monthly repayments."
A three-way banking consortium was awarded £95m from the second round of RGF funding. Of this, the RBS Group, of which Lombard is the asset finance division, was allocated £70m.
