Glasgow Business Receives £40,000 Loan Funding
18 Apr 2018
Glasgow business receives £40,000 loan funding from Business Loans Scotland to support further expansion plans.
Video technology business Odro Ltd., are one of the twenty Scottish SMEs to receive loan funding from Business Loans Scotland. The loan will be utilised to assist in driving their plans for further growth and expansion.
Starting up the company from his home in 2012, The Founder and Director, Bill Scouller’s initial plan for Odro, was to become a digital platform for online dispute resolution.
The Director has always had an interest in technology and after starting the business, quickly found that his creative video technology idea would work well in the recruitment sector for agencies looking to use effective video tools for interview purposes.
Seeing a gap in the market, Bill quickly adapted the business to suit the needs of the recruitment sector and in doing this, Odro began to flourish. Six years on and as a Scottish Enterprise managed business, Odro has moved from its base within Bill’s home to having office premises in Templeton Business Centre, Glasgow. The business currently employs eight members of staff.
Growing the brand also allowed the business to develop an international presence with clients utilising Odro video technology from across the world including Australia, Dubai, the Netherlands and New York to name a few.
Bill’s plans for growth and expansion of the business didn’t stop there. With a twelve-month business plan in place, Bill started looking for loan funding and with the support of Glasgow City Council was delighted to secure £40,000 from Business Loans Scotland.
Speaking of the funding awarded, Bill stated:
“The support of Irene Holding at Glasgow City Council and Business Loans Scotland has been invaluable in providing funding to deliver further business growth and job creation. Odro is expanding both in the UK and Internationally and this financial support together with the continued support from Scottish Enterprise is invaluable at this stage in the company’s growth cycle.”
Councillor Allan Gow, Treasurer of Glasgow City Council, said:
“This loan through Business Loans Scotland demonstrates the commitment Glasgow has for supporting growing businesses in the city. The injection of capital will help Odro Ltd., continue its growth over the next few years and allow the management team to continue leading the company into new markets. We remain committed to fostering an innovative environment in Glasgow that supports small businesses in realising their growth potential.”
Having successfully awarded loans totalling over one million pounds to date to twenty Scottish SMEs, Business Loans Scotland are delighted to have been able to support Odro with their expansion plans.
Speaking of the loan funding awarded, Andrew Dickson, Fund Manager of Business Loans Scotland said:
“Access to capital remains a major hurdle to many small and medium sized businesses which are looking to start up and grow. Often, our funding can make the difference between a business struggling or flourishing and that in turn will have a positive impact on employment, profitability and making communities stronger.”