Monday, January 18, 2021

Notts medical firm receives £80k Coronavirus funding

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).

Founded in 2005 by radiologist Dr Arash Bakhtyari, 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.

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 funding 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.”

Suhail Hashmi, business advisor at First Enterprise – Enterprise Loans, said: “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 to 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.”

Sajeeda Rose, Chief Executive of the D2N2 LEP, said: “It’s essential we support innovative businesses like Olberon to secure its 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.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.






Latest news

Almost 1,000 jobs to be created in Leicestershire as new warehousing approved

A new distribution warehousing complex is set to be built to the east of Ashby-de-la-Zouch, bringing around 1,000 new jobs to North West Leicestershire. The...

Leicestershire ecological management contractor lands £1.5m funding

Three Shires Ltd, specialist contractors to the construction industry, has been supported with £1.5m in refinance and working capital funding by alternative finance provider...

2021 Business Predictions: Ian Chambers, Managing Director, App4

It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.  It has...

Purpose Media makes key promotions

Two key members of the team at Derbyshire-based full service digital marketing agency Purpose Media have been promoted. The two promotions are Liam Brown who...

Fivefold increase in EBITDA for Nottingham lab firm

SourceBio International, the Nottingham-based provider of laboratory services and products, has seen an almost fivefold increase in adjusted EBITDA in the year ended 31...

Related news

Lincolnshire contractor launches foundation to support charities

Local contractor, Horsman Construction has begun the new year by launching The Horsman Foundation which aims to support charities that help children and young...

Almost 1,000 jobs to be created in Leicestershire as new warehousing approved

A new distribution warehousing complex is set to be built to the east of Ashby-de-la-Zouch, bringing around 1,000 new jobs to North West Leicestershire. The...

Leicestershire ecological management contractor lands £1.5m funding

Three Shires Ltd, specialist contractors to the construction industry, has been supported with £1.5m in refinance and working capital funding by alternative finance provider...

2021 Business Predictions: Ian Chambers, Managing Director, App4

It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.  It has...

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close