Funds have been issued to 40 businesses from Ayrshire to Aberdeenshire to generate working capital, purchase office premises, expand into additional markets and recruit extra staff.
Funded through the Scottish Growth Scheme and the European Regional Development Fund (ERDF), Business Loans Scotland is the fund manager for a £7m loan fund which seeks to invest in new and growing small and medium-sized enterprises (SMEs). It typically provides up to 50 per cent of the total funding package required.
Bill Scouller, director of Glasgow-based video technology company Odro, received an initial loan of £40,000 in March 2018 to help implement the firm’s strategic growth plans.
Odro has now been issued a second loan, of £50,000, to open an office in London to support the growing client base the Scots company has in the city.
Scouller said: “The funding has been invaluable in the growth of Odro. It has contributed to the creation of new roles within the business and we have since grown from 12 staff to approximately 25.”
Andrew Dickson, fund manager of Business Loans Scotland, added: “It’s fantastic to see that our initial £40,000 loan to Odro has had such a positive impact on the growth of the company and I’m delighted that, following this, we have been able to support Odro with a further loan.”