£50,000 Loan Awarded to Glasgow Business Alford FE
21 Feb 2019
Alford FE, trading as TagDat, is a company focused on smart, asset management solutions utilising the Internet of Things (IoT), Cloud and Big Data applications.
CEO and Founder, Steven Breaden started the company at the end of 2015 and has since spent several years researching, developing and building the company’s very own Internet of Things (IoT) platform. Coming from a background in Finance and Technology, Steven had a first-hand insight into the current solutions being used in the industry to track and trace such as Radio Frequency Identification (RFID) and Barcoding solutions, and therefore realised there was a gap in the market which TagDat’s solution could potentially fill.
TagDat is an Intelligent Data Capture Tool, designed to monitor assets at any stage of their lifecycle, from manufacture to logistics, supply chain, storage, operation and end of life.
Offering a variety of solutions across the UK and Republic of Ireland, and with European ambitions in sight, TagDat’s team of four were keen to secure funding to support their growth ambitions to work with big blue-chip companies.
After applying for a loan from Business Loans Scotland, TagDat were successful in securing funding of £50,000 which would be invaluable in helping to accelerate their growth plans.
CEO and Founder of TagDat, Steven Breaden said:
“Securing funding via Business Loans Scotland has allowed us to speed up the process of commercialising our product and securing the contracts we have now that will drive the business forward over the coming year. The team have been very helpful and provided great support throughout the process and I couldn’t recommend enough that businesses with a funding requirement engage with the Business Loans Scotland team – particularly when at an early stage in their development.”
Graham Smith, Group Manager of Economic Development at Glasgow City Council, added:
“The loan to Alford FE Ltd., through Business Loans Scotland continues to demonstrate the commitment Glasgow has for supporting new and existing businesses in the City. This investment of working capital will assist in funding the growth of the business, including increased staffing, entry into new market sectors and allow the business to progress to scaled production. This is in line with the growth phase and strategy of the business. The assistance also allows the business to continue with its strategic vision and aspirations, whilst continuing to develop new innovative products”.
Glasgow City Council remains committed to fostering an innovative environment in Glasgow that supports small businesses in realising their growth potential.
Speaking of the loan secured by Alford FE, Fund Manager of Business Loans Scotland, Andrew Dickson added:
"I am absolutely delighted that Business Loans Scotland has been able to support Alford FE. I wish them well in growing their business and look forward to watching them develop and flourish. I am also delighted that Business Loans Scotland has been appointed as one of the Fund Managers under the Scottish Growth Scheme and look forward to being able to support many more businesses, like Alford FE, access loan funding.”