A FIRM which provides products for the oil industry is to increase its workforce after it became one of the first to benefit from a new loan fund.
Aberdeen-based Phuel Oil Tools will receive £1million from the Scottish Loan Fund (SLF), introduced by the Scottish Investment Bank.
The fund has more than £94million and provides loans of £250,000-£5million to exporting firms which are growing.
Phuel is hoping to increase its sales in the UK and US markets, and will use the money to increase exports and develop new products.To achieve this, it will almost double its workforce to 21 by the end of this year.
Managing director Colin McCracken said: “As a result of this capital injection, we fully expect to double our turnover in two years and expand our workforce both in Aberdeen and abroad.”
Finance Secretary John Swinney said Phuel was one of the first to benefit from the SLF when he visited the firm yesterday.
He said: “The Scottish Government and our enterprise agencies are working hard to retain Scotland’s position as the most competitive place in the UK to do business.
“The SLF is just one of the practical actions that this government and Scottish Enterprise are taking forward to accelerate economic growth through improving access to finance. It is important that access to finance does not hamper the ambitions of businesses that have strong potential for growth, particularly in international markets.”