UMi Debt Finance Scotland invests in growth of Aberdeenshire Industrial Robotics firm
Aberdeen-based business Innovair provides innovative surveying and inspection solutions for construction, rail, utilities and oil and gas companies. The company was recently approved for a loan through the Scottish Growth Fund to support their future expansion.
Innovair was founded in 2015 and has experienced significant growth over the past years. The service package they offer can be applied to industrial businesses across the globe, with the company viewing Europe, the Middle East and America as their major target areas for expansion.
Their experienced team of chartered surveyors, inspection engineers, aeronautical and mechanical engineers utilise state of the art robotic technology to deliver unique services to their clients. With their robotic solutions they operate in increasingly complex and challenging environments thus removing people from harm and reducing costs for their customers.
While weighing up different funding options for further expansion, Innovair was introduced to UMi Debt Finance Scotland by the Financial Readiness team at Scottish Enterprise.
To support their growth, UMi Debt Finance Scotland provided Innovair with a business loan which will allow them to invest in innovative solutions, bring more resource into the business and increase their marketing efforts.
Stuart Lawson, Solutions Director at Innovair, said: “This loan is going to help us implement innovative robotic solutions, invest in marketing and generally take our business to the next stage. We were impressed by the straightforward application process and the quick turnaround by the UMi Debt Finance Scotland team. There is not a lot of funding as accessible and well supported as this on the market and it really makes a difference for small companies like ours.”
UMi Debt Finance Scotland manages a £12 million loan fund under the Scottish Growth Scheme, partly funded by the European Regional Development Fund (ERDF) which aims to invest in and encourage the growth plans of Scottish SMEs.
Thomas Brock, Fund Director at UMi Debt Finance Scotland, said: “The opportunity to support the growth of an industry pioneer like Innovair is quite special for us. The aim of the loan fund is to assist ambitious and innovative SMEs in Scotland which have struggled to get suitable growth funding elsewhere. This is precisely what we were able to do with Innovair. We believe that they have a great future ahead of them and are excited to be part of their journey.”
The loans range from £25,000 to £100,000 and can be used for a wide range of purposes including capital investment, exports, innovation and product development.
With this loan fund, UMi Debt Finance Scotland is providing an alternative way for SMEs to access funding for their growth projects. The team has a background in funding and helping SMEs as well as extensive networks across the Scottish business community.
To read the full Innovair case study and learn about the loan fund, visit their website.