The Tayport-based company aims to use the loan from the SLS to double its turnover and increase its workforce significantly.
The loan, £300,000 of which comes in the immediate first tranche, will enable Foodmek to invest in new equipment, innovation and additional skilled engineers in its design office and factory operations.
Support for manufacturers
One of the design innovation items enabled by the loan will be to develop a single short filler for display at trade shows – to support Scottish small food manufacturing companies as they expand their operations.
“We are naturally delighted to receive this vote of confidence in the future of Foodmek from the Scottish Loan Scheme,” said managing director Scot Kelly.
“When I arrived at the company, I was struck by the excellent quality of its staff, many of whom have served it well for decades.
“Our aim is to create a renaissance for Foodmek by forming the new generation of highly-skilled staff using internally-generated cutting-edge research and development to create sector-leading innovation in order to win new customers across existing and new sectors. This investment has pressed the start button on this exciting journey.
“Over time, we see Foodmek spurring the economy of Tayport and beyond and attracting skilled people to the area.”
Pamela Stevenson, enterprise and business development manager at Fife Council, added: “This is great news for Scot and the team. Their resilience and growth ambitions are a superb accolade of their commitment to develop the business, the workforce and support the economy of Fife in doing so.”