Scottish insurance firm gets helping hand to invest in bricks and mortar
24 July 2009
New premises for W S Moreland and Company
Long-established insurance brokers, W S Moreland and Company, has taken on new premises in Hamilton and is now looking forward to a period of growth after receiving a government-backed loan.
In 1964 the fourteen-strong firm was incorporated in Motherwell and has since grown to be Lanarkshire’s biggest independent brokerage firm. In January this year W S Moreland moved to Cadzow Street, Hamilton, after receiving eighty percent commercial mortgage on the new premises under the Enterprise Finance Guarantee (EFG) scheme.
Alan Johnston said;
"We wanted new premises, in our target business area, and we wanted to do so as owners, rather than tenants. In January we found the right property in a great location in the centre of Hamilton, among other business-to-business professionals and advisers. This loan has now enabled us to convert our assets into bricks and mortar and thereby ensuring we can invest in future growth – a process we have already started."
The scheme will support bank lending, for terms of 3 months to 10 years, to UK businesses with a turnover of up to £25 million who are currently not easily able to access the capital they need. Businesses can receive loans of between £1,000 and £1 million through the scheme until the end of March 2010.
Six months after the scheme was introduced, over half a billion pounds worth of eligible Enterprise Finance Guarantee applications have been given the go ahead or are being assessed by lenders.
The scheme supports bank lending, for terms of 3 months to 10 years, to UK businesses with a turnover of up to £25 million who are having difficult accessing commercial capital. Businesses can receive loans of between £1,000 and £1 million through the scheme.
A total of 4,054 businesses have been offered an EFG loan, with an overall value of £400 million.
Find out more about the Enterprise Finance Guarantee Scheme
