Planning for the Future, Training Provider Secures £100K Funding from Business Loans Scotland
09 Dec 2020
Stream Marine Training set to expand into the online training space.
Stream Marine Training works with leading industry bodies to provide word-class fire-fighting, sea survival, survival craft and HSE training to the global maritime, oil and gas, renewables.
As a Maritime Training provider, SMT offers a wide range of industry accredited and customer-specific courses that address mandatory safety subjects, in addition they provide competence-based training that is required for a range of safety critical activities and industrial tasks. Innovation is key to effective learning and SMT recognised the need to offer flexible learning through online courses to continue the growth of the business.
Within the last 12 months the business has launched a Merchant Navy Cadet Training programme whereby Cadets are provided with the academic qualifications, necessary skills, hands-on experience.
Initially, the number of Cadets inducted into the training programme was 10, but this very quickly increased to over 40 in 2020.
However, as with a considerable number of businesses, COVID 19 has had a detrimental effect on the business where all Cadet training programs had to be postponed until 2021.
As part of a £275,000 funding package, SMT applied for £100,000 from BLS to further advance their training offering into digital technology as well as producing their Merchant Navy Cadet Training courses. In turn, this has created eight new jobs within the business.
Stream Marine is expected to grow over the next 2 years with a considerable increase in turnover. It is anticipated that Cadet training will generate in excess of £1.5m next year and doubling into 2022. A further 60 - 70 Cadets have all been booked in to recommence their studies at the start of 2021.
SMT’s employees comprise experienced former ex-mariners, offshore managers, and learning and competence specialists, supported by a highly experienced management team.
Innovation is at the heart of everything the business does, and they pride themselves on offering the most innovative and flexible value proposition to their customers, delivered at the most competitive overall value package available in the market.
Martin White, CEO of Steam Marine said, “It’s a pleasure to be again working with the team at Business Loans Scotland to raise growth capital as our business continues to expand with an ever changing landscape in the current climate and once again get the support required in a timely manner to keep that growth momentum going.
The application process was simple to follow and backed up by a well laid out easy to follow online portal and supported with some very clear guidance from our dedicated Loan Officer.
Stream Marine Training has developed into a group of businesses offering a range of products to the maritime market. With our strategic vision being one of significant growth on our digital offering, further expanding our new fuels technology and environmental technology training offering, while nurturing the growth of our cadet training with the original business also moving into the oil and gas offshore sector.”
Andrew Dickson, Fund Manager, commented “BLS is delighted to provide £100,000 loan to Stream Marine Training, allowing the business to scale their online course offerings, engage directly with delegates through live webinars and provide a new range of OPITO marine and technical courses.”