OIL tool company Red Kite Oilfield Services has secured a £100,000 loan to help buy equipment for planned growth during “unchartered waters”.
The Dyce-based company has recently moved in to its second year of trading.
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Ian Smith, Red Kite director, said: “The loan will help us buy equipment for Red Kite’s planned growth, even though we are in “uncharted waters” with the pandemic.
“A lot of our business is international and the restrictions in air travel are concerning, so we’re looking at hiring local experts to overcome that.
“We are also looking at introducing new technology to lower operational costs, as this will be a focus for all our customers for the foreseeable future.”
Tom Brock, UMI debt finance Scotland fund manager, said: “The growth plans Red Kite has implemented will enable the company to provide greater support to industry both in the UK and beyond.”
The funds were provided by UMi Debt Finance Scotland.
