Three Fife SMEs Secure Funding Package Totalling £165K to Support Business Growth
13 Sep 2019
St Andrew’s Brewing Company, Creo Engineering and EVi Charge Points secured loans of £100,000, £40,000 and £25,000 respectively from Business Loans Scotland (BLS) to support business expansion and recruitment of new employees.
Fully funded through the Scottish Growth Scheme and the European Regional Development Fund (ERDF), BLS provides business loans to Scottish SMEs from £25,000 to £100,000 which are looking to start up or grow.
With the £100,000 loan secured helping to increase production capacity by fivefold, St Andrew’s Brewing Company expect to double the size of their brewing team and add additional sales and marketing resources to help expand their business throughout both national and international markets.
Also keen to export their product to the international market is Glenrothes based Creo Engineering, who plan to develop their own product range with their £40,000 investment from BLS.
“The help and assistance through our local Adviser from Fife Business Gateway and Business Loan Scotland have been instrumental in giving us the opportunity to start our business” said Director of Creo Engineering, Iain Bickett.
He added, “This support has continued as we look to develop our business through innovation, design and manufacture of our own product range.”
Speaking of the funding available to Scottish SMEs, Fund Manager for Business Loans Scotland, Andrew Dickson added:
“We are delighted to be managing a £7 million loan fund which aims to ensure that good, commercially viable proposals do not fail from a lack of access to finance. Our investments will help to encourage the creation, development and growth of Scottish businesses allowing them to flourish in the current economic climate. We’re thrilled to have supported 3 Fife based SMEs to date and would encourage any other businesses in the area who may be looking for access to finance to speak with us today to see how BLS can help.”