Fife trio secures £165k in funding to aid growth

Three Fife firms have secured funding totalling £165,000 to support their growth plans.

Glenrothes-based Creo Engineering plans to develop its own product range with its 40,000 investment from BLS. Picture: Contributed

St Andrews Brewing Company, Creo Engineering and EVi Charge Points have received loans of £100,000, £40,000 and £25,000 respectively from Business Loans Scotland (BLS) to support business expansion and recruitment of employees.

Fully funded through the Scottish Growth Scheme and the European Regional Development Fund (ERDF), BLS provides business loans from £25,000 to £100,000 to small and medium-sized enterprises (SMEs).

With the £100,000 loan secured helping to increase production capacity by fivefold, St Andrews Brewing Company expects to double the size of its brewing team and add additional sales and marketing resources.

The brewer is looking to grow in both national and international markets.

Glenrothes-based Creo Engineering plans to develop its own product range with its £40,000 investment from BLS.

Iain Bickett, director of Creo Engineering, said: "The help and assistance through our local adviser from Fife Business Gateway and Business Loans Scotland have been instrumental in giving us the opportunity to start our business.

"This support has continued as we look to develop our business through innovation, design and manufacture of our own product range."