A fledgling Fife engineering firm is moving ahead after securing £40,000 from Business Loans Scotland (BLS).
Glenrothes based Creo Engineering said the seed funding has helped the four founding entrepreneurs get the business into gear.
Funded through the Scottish Growth Scheme and the European Regional Development Fund, BLS provides loans of up to £100,000 to Scottish SMEs looking to start up or grow.
Creo director Iain Bickett said the firm’s team had a predominantly oil and gas background and would initially focus on mechanical engineering services including repair and inspection work.
In the medium to longer term, the firm is looking to expand into the renewables sector and design and manufacture a range of specialist pumps.
He said: “We only founded the firm in April, but early indications are positive.”
Fund manager for BLS Andrew Dickson said: “We are delighted to be managing a £7 million loan fund which aims to ensure that good, commercially viable proposals do not fail from a lack of access to finance. Our investments will encourage the creation, development and growth of Scottish businesses.”