Engineering Firm Accelerated by £40K Loan
17 Jun 2019
Situated in the heart of Fife, Glenrothes based Creo Engineering pride themselves in offering a unique manufacturing, design and overhaul service for pumps and mechanical equipment within the engineering industry.
With over 100 years of combined experience and after identifying a gap in the market for a business of its kind in the area, Creo Engineering was formed by four Directors Iain Bickett, Brian Menagh, Graham Dudgeon and Gordon Matheson.
As a brand-new start up business, the team at Creo recognised that the first few months would be crucial to its success and were determined to minimise any risk potential. With a vision in year one to carry out research and development work into producing their very own product range, the Directors were keen to raise working capital to support this and help the business in its early stages of trading.
After approaching their Business Gateway Adviser in Fife to explore the different funding sources available, the Directors of Creo Engineering were made aware of Business Loans Scotland (BLS) and its offering of loans from £25,000 to £100,000 for new and growing Scottish SMEs.
Identifying this as a fitting source of funding, the Directors made the decision to apply for a loan from BLS and within a matter of weeks, were delighted to secure a loan of £40,000.
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.
Securing the funding has been fundamental to injecting much needed capital into the business and will allow the team at Creo to work towards their goal of producing their own range of pumps, selling these initially within the UK market before exploring further export potential into Europe and beyond.
Speaking of the loan secured, Director of Creo Engineering, Iain Bickett said:
“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. This support has continued as we look to develop our business through innovation, design and manufacture of our own product range.”
Fund Manager of Business Loans Scotland, Andrew Dickson, added:
“I am delighted that Business Loans Scotland has been able to support Creo Engineering with loan finance to grow their business. 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 Creo Engineering, access loan funding which will allow them to flourish in the current economic environment.”