Zeeko, a Leicestershire-based manufacturer, has received £110,000 from Enterprise Loans East Midlands (ELEM) and the Midlands Engine Investment Fund (MEIF), thereby allowing the 18-year-old company to diversify its operations.

It will move from the traditional manufacture of machinery for polishing high-precision optics, to the design, development, manufacture, testing and software development of a new product range that will accommodate a wider array of items such as turbine blades and orthopaedic joints.

Zeeko director Richard Freeman (pictured) said: “Zeeko was born out of necessity with changes in the market at the turn of the millennium.

“However, there is a very limited market for our products in the UK, which means funding through traditional lenders has been difficult to access, as exporters are not looked upon very favourably.

“Couple this issue with being an SME, and funding is almost impossible.

“This is why funding streams such as MEIF are absolutely vital for businesses like ours, and the team at ELEM has been instrumental in our business growth.

“In fact, we expect a turnover of £6 million this year.”

Kevin Harris, chairman of the Leicester and Leicestershire Enterprise Partnership, said: “As one of the 10 Midlands LEPs supporting the Midlands Engine Investment Fund, I am delighted to see that another Leicestershire business has secured the investment it needs to develop and grow.

“It is essential that local small businesses can access the finance they need to expand in to new markets and create jobs that contribute to the vibrancy of the business community across Leicester and Leicestershire.”