A Dundee-based videogames developer is among 19 small businesses to take advantage of a £1.25m loan fund.
Orthrus Studios secured a £100,000 investment from Business Loans Scotland as it sought help to launch its brand new IP Game, Distant Kingdoms, onto the market.
Providing loans from £25,000 to £100,000, Business Loans Scotland give businesses access to an invaluable new source of funding. Fully funded through the Scottish Growth Scheme and the European Regional Development Fund (ERDF), Business Loans Scotland has currently invested in 19 Scottish SMEs, with this figure expected to rise to over 100 by the end of 2021.
Loans may be used flexibly for several purposes, including working capital, purchase of plant and equipment and investing in business property to name a few. With the help of loan funding from Business Loans Scotland, SMEs will be able to realise their ambitions which in turn, will have a positive impact on employment and the economy.
Chair of Business Loans Scotland and Leader of East Renfrewshire Council, Councillor Tony Buchanan said: “Access to finance is vital for businesses in today’s current and challenging economic climate. The funding available through Business Loans Scotland, from the Scottish Growth Scheme, is fundamental in helping SMEs across Scotland achieve their growth ambitions.
“With loans from £25,000 to £100,000, BLS demonstrates a commitment to supporting small and medium sized businesses which are looking for funding to start up and grow.”
Oliver Smith, Director of Orthrus Studios, said: “The process through Business Loans Scotland was streamlined, with an easy to use online platform taking the form of the application. I was also able to speak to someone at Business Loans Scotland whenever I had questions and they responded quickly. The assessment process was fantastic as well, a very human approach which allowed me to fully explain the business, our goals and how we’re going to achieve them, rather than just looking at our profit and loss.
“Business Loans Scotland came in at a time when we were close to completing our product, but still needed the extra push to get us over the line. They were invaluable, and I cannot recommend them enough to other SMEs, especially those in the creative industries who are in the midst of development and needing to scale.”