Glasgow Based Tech Firm Secures £85K Loan
12 Aug 2019
Since its inception in 2012 by Director Lance Gauld, Cloud Cover IT has grown from a small IT company with 3 members of staff serving 40 clients, to a firm which now employs a team of 26 and provides IT solutions and services to more than 150 clients across the globe.
Accredited as a Microsoft Gold Partner, Cloud Cover IT specialise in IT solutions and infrastructure management including Office 365, Licencing, Virtualisation, Cloud Hosting, IP Telephony and Software Development.
This £85,000 cash injection from Business Loans Scotland, along with additional funding from Scottish Enterprise and UK Steel, which altogether totals a six figure funding package of £324,000, will enable the business to focus its sights firmly on expansion, creating various new jobs and boosting innovation by investing in industry 4.0 in the process.
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.
The team at Cloud Cover IT also plan to utilise the funds to productise a number of their SharePoint app solutions including cloud-enabled “Smart Factory” mobile apps which will enhance manufacturing processes. These include a Guest Sign-In app, Meeting Room app and Remote Worker app that have already been rolled out across various client sites to date.
Speaking of the loan secured, Lance Gauld, Director of Cloud Cover IT said:
“As a company, Cloud Cover IT has found the additional funding that BLS was able to provide invaluable in enabling us to safely implement our growth strategy with Scottish Enterprise. Without this funding the additional jobs could not be 100% guaranteed by us , but with it we are in a much more confident position to keep the business growing to sell both locally and in the international market.“
Fund Manager of Business Loans Scotland, Andrew Dickson, added:
“We are passionate about supporting small and medium sized businesses which are looking to start up and grow. I am therefore delighted that BLS has supported Cloud Cover IT with gap funding which will help them develop their business and create many new jobs.
We are proud to have reached a key milestone recently of awarding loans totalling over £1,250,000 that have helped 19 Scottish SMEs expand and flourish in the current economic climate. With a dedicated pot of £6,000,000 worth of loan funding still in place, I would encourage any Scottish SME looking for gap funding to speak to a member of the BLS team to see how we can help.”