£25K Loan Helps Power Growth of Electric Vehicle Charge Point Company
22 Jul 2019
Being labelled as the ‘future of motoring’, electric cars are undoubtedly set to be the next big thing in the motoring industry.
Offering an extensive range of benefits to motorists including cheaper running costs, better performance and higher efficiency, the Scottish Government aim to ban the sale of all petrol and diesel cars by 2032, 8 years before the UK Government’s 2040 target, in a bid to tackle toxic air quality and climate change.
Due to this, petrol stations will soon be replaced with charging stations as the number of electric vehicles on the road continues to rise. Identifying that electric vehicle charging points would need to be installed across the country to meet market demand, business partners Neil Beattie and Christopher Campbell founded EVi Charge Points in early 2018 with an aim to prepare for the future, today.
Being in operation for over a year and with the electric vehicle market expected to be in the region of £85 billion, the team at EVi Charge Points were keen to raise invaluable working capital that would help support the initial startup phase of the business.
Fully funded through the Scottish Growth Scheme and the European Regional Development Fund (EDF), Business Loans Scotland offer loans from £25,000 to £100,000 and have so far loaned over £1,000,000 to businesses across Scotland. After receiving an application from EVi Charge Points, Business Loans Scotland were delighted to support Directors, Neil and Christopher, with a £25,000 loan to help grow and expand the business.
As part of a larger funding package, the loan secured will enable EVi Charge Points to recruit additional employees, including apprentices, and provide them with relevant training to support them as they move into working in the electric vehicle industry.
Speaking of the loan secured, Director of EVi Charge Points, Neil Beattie said:
"EVi Charge Points applied for a BLS loan through Business Gateway and we were impressed with the assurance levels to which we were held during the process. Assistance was provided when required and the application was agreed to allow EVi to invest further in our team’s personal development and marketing of Electric Vehicle Charge Points to a wider national audience."
Fund Manager of Business Loans Scotland, Andrew Dickson, added:
“I am delighted that Business Loans Scotland has been able to support EVi Charge Points with loan finance to grow their business. This loan helps to demonstrate our passion and commitment for supporting Scottish SMEs with the working capital they require to fulfil their growth aspirations. This investment will assist in creating new jobs which in turn will have a positive impact on the economy. I look forward to watching EVi Charge Points prosper and would encourage any Scottish SMEs looking for access to gap funding to speak with myself or any member of the BLS team.”