Michelin Development is doubling the amount of funding it can offer to growing companies in Dundee and Angus.
Tyre manufacturer Michelin operates funds to back local businesses in UK cities it has a presence.
The Dundee fund has run since 2004 and has continued despite the factory’s closure three years ago.
Since 2020, the Michelin Development has focused its support on companies with the potential to create high-quality, sustainable jobs.
Now it is upping the maximum value of unsecured loans small and medium-sized enterprises can access from £50,000 to £100,000.
Michelin Development funding
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 said: “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.
“Our message to entrepreneurs and high-growth companies is to get in touch and see if they are eligible.”
Michelin Development’s steering committee includes Michelin, Angus Council, Business Gateway, Dundee and Angus Chamber of Commerce, Dundee City Council, Scottish Enterprise and the Royal Bank of Scotland.
Successful firms must employ fewer than 250 people and be in the manufacturing, engineering or service sectors.
The loans can usually attract additional funding from other sources.
Dundee firm benefits from loan
One Dundee business to have benefitted from the programme’s support is Cellexus, based in Mayo Avenue.
The life sciences company has funding in the form of a low interest loan from Michelin Development.
Cellexus manufactures single-use bioreactor systems. It hopes to expand its team from eight to 20 people and turnover from £1.25 million to £10m within five years.
Chief executive Gavin Hands said: “We applied to Michelin Development to help achieve the next stage in business growth.
“We are at an exciting stage in the business, with every machine being built in-house in Dundee by our team of engineers.”
