Access the support you need with the Scottish Loan Fund
29 August 2012
A further four ambitious Scottish businesses have accessed a total of £5 million from the Scottish Loan Fund to help them achieve new growth goals. With more funding available for eligible companies, why not discover if you could qualify for financial support to help you capture your commercial ambitions?
Whatever your business, securing the appropriate funding you need to develop your company, expand or explore new markets can be challenging. With many banks tightening controls on business lending, it can be difficult to access that all-important capital to finance even the most well thought-out commercial plan. That’s where the Scottish Loan Fund can help.
Dedicated to improving access to finance for Scottish small to medium enterprises looking to grow and export, the fund has already committed £15 million to companies across the country since its launch. The amount offered ranges from £250,000 to £5 million for eligible Scottish-based businesses.
Four companies that have recently benefited from a £5 million boost by the Scottish Loan Fund are Red Spider Technology, Booth Welsh Automation Ltd, ROVOP and an Aberdeen-based energy services company. The latest deals were announced during a visit to Red Spider Technology by John Swinney MSP, Cabinet Secretary for Finance, Employment and Sustainable Growth.
Red Spider Technology, based in the North East, produces a range of remotely-operated well-intervention and completion tools to the international oil and gas industry. Hoping to increase its international trade over recent years, in particular in Europe and Asia, the company has worked closely with Scottish Enterprise and Scottish Development International.
The support from the Scottish Loan Fund has now allowed the high-growth company to take a step forward in achieving its international ambitions.
"A large part of our business is now about supplying products to the international market in order to meet our client’s growing demand expectations and realise our technologies' potential," says Steve Nicol, CEO of Red Spider.
"Traditional banking support is still hard to access for high growth businesses with multiple market strategies. The SLF has come along at just the right time to fuel our aggressive growth plans."
In 2011, Maven Capital Partners UK LLP was selected as the fund manager of the Scottish Loan Fund, which was originally established with cornerstone investment of £55m from the Scottish Investment Bank (including contributions from Highlands and Islands Enterprise, and the European Regional Development Fund).
Additional private sector investors include Lloyds Banking Group, RBS, Clydesdale Bank, Santander, Strathclyde Pension Fund and Aberdeen City Council Pension Fund, taking the total fund size to over £113 million.
If you are looking for financial support to kick-start your growth plans, why not find out more about the Scottish Loan Fund today?
Alternatively, to speak directly to a member of Maven’s SLF Investment Team, call 0141 206 0121 or contact them on firstname.lastname@example.org