A SCOTTISH electric vehicle manufacturing business has successfully secured a loan to help plans for further vehicle developments.

PeddleSmart, who manufactures their range of FlexiQuad vehicles from their facility in North Lanarkshire, received a loan of £49,475 through Business Loans Scotland (BLS).

The funding meant that the team were able to capitalise on growth opportunities, and as a result, the first set of low-cost, planet-friendly vehicles are set to come off the production line in Q3 of 2020.

Fully funded through the Scottish Growth Scheme and the European Regional Development Fund (ERDF), BLS offer loans from £25,000 to £100,000 for new and growing Scottish SMEs.

PeddleSmart CEO and founder Adam Reid said: “Pedal electric vehicles that can carry freight and people in the last-mile are an emerging market disruptor, helping local authorities to meet their urban transport planning objectives in towns and cities in 2020, and helping delivery and transport brands to stabilise rising costs and reduce their carbon footprint.

“We’re just seeing the start of demand for vehicles like ours and we are one of the first European manufacturers to bring to market second-generation pedal electric vehicle range focused on B2B & B2C markets.

"We’re excited by the prospect of this marketplace and the potential to support 2030 emissions targets, and are grateful to BLS for their support.”