Business Loans Scotland Drives Online Car Leasing Comparison Site to the Next Level with £100,000 Loan
28 Mar 2019
Based in Glasgow and offering an array of digital services, DI Agency provide Custom Software Development, Search Engine Optimisation and Marketing Support to clients across various industries.
Formed 8 years ago in 2011, it was in late 2016 when Director Will Craig identified a gap in the market after working with several clients in the automotive industry, which he decided to pursue. Having a first-hand insight into this sector, Will soon realised customers lacked proper research tools to compare leasing deals and due to this felt there was a requirement for a freemium pay-per-lead marketplace comparison system.
After a vast amount of research and planning, LeaseFetcher was released in early 2017 and has since been growing from strength to strength. Currently, the website receives around 10,000 visitors on average every month and with more leasing brokers coming on board, DI Agency required funding to help accelerate LeaseFetcher’s marketing efforts.
With a clear vision to grow the business, Will was keen to raise working capital and after finding out more about Business Loans Scotland, decided to apply.
Fully funded through the Scottish Growth Scheme and the European Regional Development Fund (EDF), BLS offer loans from £25,000 to £100,000 for new and growing Scottish SMEs and aim to ensure that good, commercially viable proposals don't fail from a lack of access to finance.
Having secured a £100,000 business loan, Will is keen to utilise this for recruitment purposes, hiring both marketing and development staff to drive the business to the next level.
Delighted with the loan secured, Director of DI Agency, Will Craig said:
"When we started planning LeaseFetcher, we knew that the project would have an extended pre-revenue development period. Without external funding, we knew that we would have to monetise the platform as quickly as possible, which would almost certainly have compromised the quality of our product. The loan has allowed us to delay monetisation and focus on developing LeaseFetcher into the industry-leading comparison platform it is today."
Speaking of the loan awarded, Fund Manager for Business Loans Scotland, Andrew Dickson said:
“I am delighted that Business Loans Scotland has been able to support DI Agency with loan finance to grow the LeaseFetcher comparison platform. We are passionate about supporting the growth and development plans of SMEs across Scotland, therefore with the help of our loans, businesses can achieve their growth ambitions without delay. With a dedicated pot of £7 million in place, we are keen to support many other businesses, like DI Agency, access loan funding which will allow them to flourish in the current economic environment.”
Graham Smith, Group Manager of Economic Development at Glasgow City Council, added:
“The loan to DI Agency Ltd., through Business Loans Scotland demonstrates Glasgow’s commitment to fostering an innovative environment that is supportive of SMEs and entrepreneurs from start-up, through growth to sustainable consolidation. This investment of working capital will assist in funding the growth of the business, including increased staffing, increased customer base and entry into new markets. This is in line with the growth phase and strategy of the business. The investment also allows the business continue with its growth strategy, whilst continuing to develop this innovative software product, which will provide a new revenue stream for the business.”