The company has secured the funding from the Midlands Engine Investment Fund (MEIF)
Coventry Engineering is looking to create jobs and invest in equipment after securing a £400,000 loan.
The company has secured the funding from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group, Debt Finance Fund and backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
It will enable the business to increase the manufacturing of its precision static and driven spindle tooling, as well as create seven jobs in the next three years.
Coventry Engineering brings together three specialist engineering businesses; Coventry Toolholder, CTL Centreline and Coventry Engineering Services.
Managing director Andrew Flynn said: "We are proud to make our products using both traditional and modern manufacturing techniques. This funding will enable us to expand the modern end of our range with cutting-edge solutions so that we can better serve our customers and continue to innovate and grow as a business.
"We are excited to recruit new and highly skilled professionals and are grateful to the FSE Group for guiding us through the application process which will enable this recruitment to take place."
Chris Bailey investment manager at The FSE Group, added: "The company is well placed to continue from its current success with a senior management team boasting over 30 years' experience in the manufacturing industry.
"The business has a strong reputation with tried and tested applications and technology. We look forward to seeing their new products and services which will no doubt expand their client base and lead them into new sectors."
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