Sheffield-based lighting and electrical products importer and distributor Red Arrow Trading has secured a £4.5m package from HSBC’s South Yorkshire Commercial team to support its growth plans.
The company, based on Manton Street, will use it to increase the range and volume of stock it holds to target new sectors. It wants to increase sales by £3 million over the next two years to £15 million.
Red Arrow, which employs 25, imports primarily from China and distributes to electrical wholesale customers across the UK.
The finance has been allocated from the £500 million fund recently launched by HSBC specifically for SMEs in Yorkshire and the Humber.
Mick Knowles, HSBC South Yorkshire area commercial director, said: “Red Arrow Trading is typical of the businesses we are speaking to at the moment; there is a real sense of confidence and companies are looking to invest. We launched the £500 million fund, £100 million of which has been specifically earmarked for businesses within the South Yorkshire region, to support businesses such as Red Arrow Trading, and the initial response has been very encouraging. We look forward to working with more companies.”