Enterprise Minister encouraged by success of Fund to help SMEs access finance Jobs, sales, and exports secured as a result of the funding
Funding to help the refurbishment of a derelict Dunfermline building to provide up to 14 new full time jobs and a state of the art childcare facility marks the first £1million of support from the East of Scotland Investment Fund.
The latest company to benefit is the Appin Nursery and Creche in Dunfermline. Managing director Mike McInally applied for the £50,000 loan to top up the finances to renovate a derelict building and transform it into a child care day nursery with contemporary facilities and equipment. He said, “The loan from the Fund was really important to get the renovation project completed as it was a much longer and expensive job than expected. However the close location of the building to Dunfermline City Centre makes its location ideal. I am now equipping the nursery and recruiting a Nursery manager. Following this, I will be in a position to gradually increase my staffing to a maximum of 14 child care staff as well as catering and cleaning staff. I look forward to opening by late summer, offering full time and part-time child care places as well as crèche places and pre-registration applications for child care places are now being accepted.
”Enterprise Minister Fergus Ewing said, 'Small businesses play an essential role in Scotland's economy and they contribute hugely to our aim of building sustainable economic growth."
'It is encouraging to hear that the East of Scotland Investment Fund is having such success in helping SMEs access the finance they need to expand and to create jobs and boost local economies in the process.'
George Sneddon, chair of the East of Scotland Investment Fund, said, “Accessing affordable new finance remains a challenge for some small and medium sized businesses, which is why initiatives like this are so important. Investment is vital to safeguard and create jobs, support businesses through this particularly difficult period and ensure that local economies benefit from successful businesses.”
The Fund has so far helped 28 companies from Moray to Fife and safeguarded 292 with 225 new jobs to be created – a total of 517. The initiative was launched just over a year ago by a consortium of local authorities with additional support from the European Regional Development Fund and Royal Bank of Scotland to make a total fund of £5million. It aims to support the creation of up to 1000 new jobs and new market opportunities for small to medium sized companies over five years.
Loans of up to £50,000 with interest rates currently fixed at 6% and a maximum repayment term of 5 years are available. These can be used towards working capital or the purchase of equipment, plant or business property. For more information on applying for a loan and to find out who to contact locally log onto www.eastscotinvest.co.uk