Sensible funding

Chesterfield-based thermometer and thermocouple manufacturer

has been awarded a £70,000 Grant for Business Investment (GBI) by the East Midlands Development Agency (

).

Peak Sensors currently employs 11 staff and has a turnover of over £1m. The grant will enable it to construct premises measuring 560m², purchase machinery, employ four new staff and drive the business forward into new markets.

The GBI is a discretionary investment delivered by the Regional Development Agencies, on behalf of the Department for Business Enterprise and Regulatory Reform (BERR).

The grant is aimed at businesses that need to invest in land, building or machinery in order to expand, particularly those that meet ‘priority sectors’ set out in the East Midlands Regional Economic Strategy.

Peak Sensors was awarded the investment under the extended scheme, which aims to include more of the region’s small and medium-sized manufacturing businesses. The scheme will see around £8m made available to businesses across the whole of the East Midlands over the next four years.

Grants of up to £140,000 are available to the region’s small businesses with a number of larger grants for bigger businesses that are eligible in more deprived areas of the East Midlands.

John O’ Reilly, business support director at emda, said: ‘I’d like to encourage other small companies across the region that are considering investment projects that fall in line with the Regional Economic Strategy priorities to get in touch. This scheme is all about securing long-term improvements in competitiveness, employment, productivity and skills to ensure a flourishing region by 2020.’