Did you know, if you own an SME in Scotland, you could be eligible for a loan from anything from £25,000 to £250,000, to ensure your proposals don’t fail from a lack of finance?
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Fully funded by the Scottish Government, Business Loans Scotland (BLS) has issued loans to 130 businesses across Scotland to date, totalling in excess of £9.7 million.
Makar Technologies has received two £50,000 loans from BLS, allowing the company to double its production capability and even launch its very own product range.
How BLS helped Moray based Makar Technologies
Specialists in electronic manufacturing, Moray based Makar Technologies has grown rapidly since its inception in 2015. Led by a highly experienced electronics manufacture and design team, the company focusses on delivering high quality systems at an affordable price, and they are one of the UK’s leading EMS solutions providers.
With business booming and orders continuing to rise, David King, Director of Makar Technologies, identified a need for additional funds to help restructure the current facilities and enable the business to grow to meet the needs of increasing customer demand.
Approaching Business Loans Scotland (BLS) as part of a larger funding package, Makar Technologies initially received a loan for £50,000 to support the business through this growth period, enabling their production capability to double in size by purchasing and introducing a second manufacturing line and adding advance test processes.
Speaking of the loans issued, director of Makar Technologies David King said: “As a young but fast growing business, the availability of additional funds to purchase equipment and to development products and processes are essential.
“Working closely with Business Loan Scotland over the years has helped the business to fund its growth with the minimum amount of complexity. Working with our dedicated Account Manager and using their internet based portal made the application process straightforward.
“Their support has assisted our business to grow from a start-up business employing 4 staff to a business now employing 40 staff at present while delivering over 200 product ranges to the UK and international technology market place.”
SMEs in Scotland shouldn’t be afraid of asking for a loan
Following the successful growth phase of the business, Makar Technologies approached BLS for a second round of funding and were awarded an additional £50,000 loan.
The business plans to invest this second loan into developing their very own product range which will enable the business to move from being a contract based design and manufacturing company to a product based original equipment manufacturer.
King added: “As a high technology design, manufacturing and service business we must ensure we can provide our clients and customers with market leading capabilities and products.
“Over the past 5 years Makar Technologies Ltd have been doubling in sales and manufacturing capability year on year and that has required a high level of inward and external investment.”
Supporting small and medium sized businesses across Scotland with loans to start-up or grow, BLS offer loans from £25,000 to £250,000 to ensure that commercially viable proposals do not fail from a lack of access to finance.
Andrew Dickson, Fund Manager of Business Loans Scotland said: “I am delighted that Business Loans Scotland has been able to support Makar Technologies Ltd with
the finance required to accelerate their growth plans and take the business to the next level.
“I have no doubt that the team at Makar Technologies have an exciting year ahead as they progress with the development of their very own range of products and I wish David and all the team continued success for the future.”
For more information on how BLS could help transform your business, visit the BLS website, where you can also apply for a loan today.