BSL is fully funded through the Scottish Growth Scheme and the European Regional Development Fund (ERDF) and provides business loans to Scottish SMEs from £25,000 to £100,000 which are looking to start up or grow.

With the £100,000 loan secured helping to increase production capacity by fivefold, St Andrew’s Brewing Company expect to double the size of their brewing team and add additional sales and marketing resources to help expand their business throughout both national and international markets.

Also keen to export their product to the international market is Glenrothes based Creo Engineering, who plan to develop their own product range with their £40,000 investment from BLS.

Iain Bickett, director of Creo Engineering, said: “The help and assistance through our local Adviser from Fife Business Gateway and Business Loan Scotland have been instrumental in giving us the opportunity to start our business.

“This support has continued as we look to develop our business through innovation, design and manufacture of our own product range.”

Andrew Dickson, fund manager for Business Loans Scotland, added: “We are delighted to be managing a £7 million loan fund which aims to ensure that good, commercially viable proposals do not fail from a lack of access to finance.

“Our investments will help to encourage the creation, development and growth of Scottish businesses allowing them to flourish in the current economic climate. We’re thrilled to have supported 3 Fife-based SMEs to date and would encourage any other businesses in the area who may be looking for access to finance to speak with us today to see how BLS can help.”