Help for new firms
Steel fund provides help for start-ups
The ‘Regeneration Fund’ will be available for the next three years and forms part of an additional £1.5m committed to regeneration in Lanarkshire by the Tata Steel subsidiar.
It was originally created in response to the mothballing of the Dalzell and Clydebridge steel plants, which are now back in production.
Motherwell-based Marton Fabrication (pictured) is the first company to receive the new funding. Managing director Derek Ross is starting his own business after the company he worked for closed, allowing him to continue to service the established customer base.
Mr Ross has 20 years’ experience in the sector and Marton Fabrications will provide a wide range of specialist engineering services.
The funding will allow the start-up to purchase the assets of the business he was previously employed by. Mr Ross brings with him an apprentice and aims to hire two more members of staff in the next year.
He said: “When my last company was facing closure due to the owner’s ill health, we discussed the idea of me going out on my own.
“It was incredibly challenging to acquire the initial capital, so when UK Steel Enterprise and Business Gateway said they would be able to provide investment, I was overwhelmed.
“All my experience is in metal fabrication and it’s a triumph that I will be able to continue my trade, as well as provide training for local apprentices.”
Anne Clyde, regional manager at UK Steel Enterprise, said: “With more money than ever to invest in Scotland we are keen to help any company which has the potential for growth and employment opportunities.
“Having heard Derek’s story we were keen to continue to work with Business Gateway Lanarkshire to help fund start-ups which struggle to secure funding.
“This new loan secures a Scottish business, as well as jobs in Lanarkshire, and we hope it will help many more businesses over the next three years.”
Liz McCuthcheon, business start-up team leader at Business Gateway Lanarkshire said: “Getting funding for a start-up business can be challenging and our experienced business advisors work with clients to cover all aspects of the start-up journey.
“That’s why we know how important this new fund is to the Lanarkshire area.”