Glasgow City Council's Executive Committee today (5 October) gave its approval for the council to approve an £800,000 guarantee on a loan which will enable a 27,000 square feet manufacturing and engineering unit in the Clyde Gateway East industrial estate.
This loan guarantee will enable the urban regeneration company Clyde Gateway to borrow £1million towards the construction of the unit, which is expected to attract manufacturing and engineering investment and employment.
The total cost of the unit, which will be located on the Clyde Gateway East industrial estate on London Road, is expected to be just over £3million, and the council's loan guarantee covers 80% of the £1million loan that Clyde Gateway requires to take to complete the funding.
Councillor George Redmond, Executive Member for Jobs, Business and Investment at Glasgow City Council, said: "We are glad to support the development of a manufacturing and engineering unit of this size as we believe it would be a great asset for the East End - and indeed the whole - of the city. Once built, such a specialist facility will attract long-term jobs and investment to Glasgow, adding to the skills of the city's workforce and continuing the development of this industrial estate."
The council's funding partners for the unit are Clyde Gateway, Scottish Enterprise and the Scottish Government's SPRUCE (Scottish Partnership for Regeneration in Urban Centres) and RCGF funds.