Caerphilly-based MII Engineering (www.mii.co.uk) has secured a £400,000 loan from the newly formed Development Bank of Wales, to be used as working capital to help it complete a series of new contracts.

The company provides maintenance and repair work for all types of plant and machinery, along with a range of other
services, including manufacturing.

With a turnover in the region of £30 million, the company employs 250 people and counts Tata Steel among its key clients.

Finance director Matthew Moody said: “Our model is such that we often require short-term funding solutions to handle large projects.

"We were impressed with the quick turn-round following our recent application, and we would recommend the Development Bank of Wales as a funding partner for growing companies.”

Steve Galvin, senior investment executive at the Development Bank of Wales, said: “The Wales Business Fund helps companies that are looking to grow.

“With loans and equity available from £50,000, it is perfect for businesses seeking short-term working capital.

“As a dynamic customer-focused business, MII has recorded impressive and sustainable growth over recent years.

“It benefits from strong financial control, highly predictable cash-flows and excellent repeat business from its customer base.”