The loan, financed from the £150m Building Scotland Fund (the pre-cursor to the Scottish National Investment Bank), is being delivered through the Scottish Partnership for Regeneration in Urban Centres (SPRUCE) fund, which is managed by Amber Infrastructure.

It will be used to help speculatively develop 40,000 square feet of new industrial and trade counter accommodation at Livingston Trade Park on Houstoun Industrial Estate, leading to further business investment and jobs in West Lothian.

Muir Construction is building the units having been awarded the construction contract following a competitive tendering process.

Announcing the funding on a visit to the site, which is due for completion in October 2019, investment minister Ivan McKee said: “I am pleased the Building Scotland Fund has been able to support this development, which will help stimulate the local economy and bring more investment to the area. The £2.18m loan will deliver opportunities for businesses to create new jobs and encourage more investment to grow the local economy.”

Mike Walker, development director at Chancerygate, the industrial developer delivering the project, said: “We have an established reputation for seeking out and realising untapped potential when it comes to industrial developments. Our investment in creating Livingston Trade Park is a great example of this approach and it is driving our continued success and ongoing growth strategy. We are developing speculatively in Livingston because we are confident there will be strong demand for our units, particularly as there have been very few new build industrial property opportunities in the area for years.”

Cameron Cook, head of origination for Amber Infrastructure in Scotland, the company which manages the SPRUCE fund, said: “The SPRUCE Fund is delighted to have reached financial close on this important project, providing much-needed world-class leading industrial and logistics space into the West Lothian market. We look forward to working closely with Chancerygate to ensure the success of the Livingston Trade Park project over the coming years.”