Aberdeen energy industry firm Phuel Oil Tools Limited has become one of the first companies to access the Scottish Loan Fund (SLF), Finance Secretary John Swinney announced today.
On a visit to the company, which specialises in developing and manufacturing equipment for the oil and gas sector, Mr Swinney confirmed it has secured a £1 million loan from the SLF to support its plans for growth and internationalisation.
Improving access to finance to support growth and investment is a key part of the Government Economic Strategy. The SLF, which is managed by Maven Capital Partners, offers finance of between £250,000 and £5 million to businesses which demonstrate growth or the intention to grow and exporting businesses.
The SLF has more than £94 million of resources – £39 million of private sector and £55 million of public sector investment – and is a product of the Scottish Investment Bank which is a division of Scottish Enterprise.
Established in 2005, Phuel has already introduced its pressure control equipment (PCE) to the Norwegian market and the company is now actively targeting increased sales in US and UK markets. This funding will be used to increase exports and develop new products, and to take forward these growth plans the company will almost double its existing workforce to 21 employees by the end of 2011.