The grant, from East Midlands Development Agency (emda) and the European Regional Development Fund (ERDF), will enable the company to produce, among other products, a self cleaning black flush filter.
According to a statement, Micro-Mesh Engineering hopes that the new product could generate an additional £250,000 of turnover per year, and open up new markets fro the company.
The company is investing a total of £340,000 to extend their existing premises and purchase plant and machinery. Founded in 1968, Micro-Mesh manufactures filtration equipment for the mining, rail and off road vehicle industries and exports 13% of their production.
GBI is a scheme delivered by the Regional Development Agencies, on behalf of BIS, the UK Department for Business, Innovation and Skills. It is aimed at businesses which need financial help to invest in land and buildings and plant and machinery in order to expand and modernise. GBI is available to small and medium-sized enterprises and grants range from £10,000 to £2m.