Scottish Digital Development Loan Reaches £1m Milestone
Since its launch in June 2018, the Scottish Government’s Digital Development Loan fund has awarded £1 million to Scottish SMEs.
This latest cash award to Aberdeen-founded company, Sand Monitoring Services Ltd (SMS), takes the total amount of funding awarded by Scottish Digital Development Loan to £1 million.
Already, more than 20 SMEs have benefitted from the fund and have been given access to 0% interest rate loans of up to £50,000.
Managed by Lanarkshire Enterprise Services Ltd and supported by DSL Business Finance, the £2m fund is the first phase of the Scottish Government’s £36 million Digital Growth Fund initiative.
The initiative aims to help SMEs across the country to improve their processes and productivity through investing in digital applications.
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The £50,000 funding will enable the firm, which specialises in sensory data analysis for the oil and gas sector, to increase its digital capabilities to support ongoing international expansion and development.
Other sectors benefitting from the Digital Development Loan fund include manufacturing, creative industry and energy and renewables.
Andrew Kinsley, Operations Director at SMS, commented: “We are delighted to have been awarded the Digital Development loan. It will allow SMS to develop our Data Visualisation product, improve the tools and activities essential to our research and development projects and create vast opportunities for us as a Scottish SME in Europe and the rest of the world.”
Digital Economy Minister, Kate Forbes, added: “We are committed to investing in Scotland’s digital productivity and ensuring we are ready to embrace the opportunities of a digitally driven future.
“The £2 million Digital Development Loan is the first phase of that process and this milestone proves that it is already helping businesses the length and breadth of the country to achieve their digital ambitions. I would encourage more companies to apply for the Digital Development Loan to invest in their company, staff, and in their digital future.”
Liz McCutcheon, Project Manager at LESL said: “LESL and DSL are delighted to have approved over a £1 million in Digital Development Loans in less than a year. Our partnership is committed to supporting the Scottish Government’s aim of strengthening the ability of Scotland’s SMEs to innovate and compete digitally.
“The Digital Development Loan has already impacted a wide range of sectors across Scotland and now includes the Oil & Gas sector in Aberdeen.”