Loan funding provides boost for companies to spread wings
Six Ayrshire based businesses have successfully secured loan funding from Business Loans Scotland ( BLS) which will help support their growth and expansion into new markets.
Providing business loans from £ 25,000 to £ 100,000, BLS help Scottish SMEs bridge the funding gap by giving firms access to a new source of funding.
Fully funded through the Scottish Growth Scheme and the European Regional Development Fund ( ERDF), BLS has currently invested in 20 Scottish SMEs with loan funding totalling over £ 1.3 million.
Amongst the 20 Scottish SMEs to secure loan funding are six Ayrshire based companies, three of which received the maximum loan amount of £ 100,000.
Access Plus Scotland, Birthsparks and CessCon Decom all plan to utilise their £ 100,000 loan respectively to aid with working capital and recruitment of new employees.
Other Ayrshire businesses to secure loan finance through BLS include East Ayrshire manufacturers SD Wind Energy and S& C Engineering.
Both individually received a £ 50,000 loan.
South Ayrshire dessert manufacturer, The Dessert Depot, secured a loan for £ 25,000 which will help Director, Frances Barron, introduce new product lines.
Frances said: “The BLS loan is vital to our business as we move forward into a period of growth and will support us in enabling us to make key hires plus assist us across our business.”
Fund Manager for Business Loans Scotland, Andrew Dickson, added: “We are delighted to be managing a £ 7 million loan fund which aims to ensure that good, commercially viable proposals do not fail from a lack of access to finance.
“Our investments will help to encourage the creation, development and growth of Scottish businesses allowing them to flourish in the current economic climate.
“We’re thrilled to have supported six Ayrshire SMEs to date and would encourage any other Ayrshire businesses who may be looking for access to finance to speak with us today to see how BLS can help.”