MICHELIN Development has doubled the amount of funding it can offer to thriving businesses in the Dundee and Angus region targeting growth.
The programme is increasing the maximum value of subsidised, unsecured loans that small and medium-sized enterprises can access from £50,000 to £100,000.
Since 2020, Michelin Development has delivered financial support to organisations and companies in the Dundee and Angus region with the potential to create high-quality, sustainable jobs.
The team behind the initiative is now appealing to local businesses to get in touch and see if they are eligible for support.
Brian Cairns of Michelin Development in Dundee, said: “Since 2004, we’ve supported a number of businesses looking to grow and now we’ve increased the maximum value of our support to meet economic changes and the increased costs involved in growing a business.
“We are committed to supporting the economy in the local area in and around our former Dundee site, and to see businesses in the region thrive.
“Our message to entrepreneurs and high-growth companies who want to invest in the future and create local, high-quality jobs is to get in touch and see if they are eligible for the programme.”
Michelin Development is backed by a steering committee made up of organisations including Michelin, Angus Council, Business Gateway, Dundee and Angus Chamber of Commerce, Dundee City Council, Scottish Enterprise and the Royal Bank of Scotland.
Successful applicants must employ fewer than 250 people and be involved in manufacturing, engineering or the service sector (business-to-business). The loans can usually be used to attract additional funding from other sources.
One Dundee business to have benefitted from the programme’s support is Cellexus, based in Mayo Avenue.
The life sciences company is being supported by Michelin Development with a low-interest loan to enable it to strengthen its offer in key markets in Europe, as well as the US, Canada and South Korea.
Cellexus manufactures single-use bioreactor systems, which deliver a unique way of aerating and mixing materials using airlift technology, to improve and simplify cell cultures and fermentation.
With a global footprint already extending to 11 countries, it is now looking to broaden its international horizons, targeting the expansion of its team from eight to 20 people and taking turnover from £1.25 million to £10 million within the next five years.
Cellexus is headed-up by Gavin Hands, who has identified opportunities to tap into the city’s expertise in life sciences, fostered by the University of Dundee’s expertise in the sector.
Gavin said: “We are at an exciting stage in the business, with a highly developed product, which involves every machine being built in-house in Dundee by our team of engineers, coupled with the ability to offer a bespoke solution for each of our clients.
“From this strong base, we applied to Michelin Development to help achieve the next stage in business growth.
“The application process has been very straightforward and involved us demonstrating the future value of the business and its positive impact on the local economy.
“Michelin Development is a great initiative for the Dundee business community and is helping us with our vision to build something here in the city.”
To find out more visit www.michelindevelopment.co.uk