Surface Technology International (STI) has secured an £11.5 million financing package from Lloyds Bank Commercial Banking via the Funding for Lending scheme.

Established in 1989, STI provides a wide range of bespoke electronics manufacturing services — including product design, PCB assembly and final assembly and testing — for companies in a number of sectors.

Based at a 64,000ft² production facility in Hook, it is aiming to increase its revenues by 15% this year.

Founder and managing director Simon Best said: “This new funding arrangement gives us the headroom and flexibility to invest and grow our proposition. The need for mission-critical manufacturing capabilities in commercial and industrial markets is sustaining strong demand for our services.

“Our fully comprehensive offering — from design through to final assembly — means that we can provide a high-quality service.”

Stephen Ogborn, relationship director at Lloyds Bank Commercial Banking, said: “STI’s experienced management team and strong reputation for delivery in niche manufacturing sectors ideally positions the company for future growth. It is typical of the innovative mid-market businesses that are helping to sustain the economic revival.”