Can a business loan really help grow your business?
03 Dec 2020
When looking for access to finance, it’s important to explore all avenues to ensure the funding you choose is most suited to the needs of your business.
But the big question most business owners find themselves asking is, will this finance really help my business grow? Earlier in the year, we issued a survey to our current borrowers to find out more about the direct impact our loans have had on their businesses and the results are as follows:
1. 96% said the loan has successfully helped towards growing their business
When asked if the loan received has been beneficial in supporting business growth, 96% of respondents stated that since receiving the loan, their business has seen an increase in growth with one business adding that they have seen a 14% growth increase which has been a direct result of receiving the loan.
Being able to use their loans to ramp up marketing activity, invest in new office premises and introduce product lines, these businesses have been able to achieve their growth aspirations by having access to finance which they were unable to obtain through various other lenders.
2. 79% said their business has seen an increase in jobs since receiving the loan
Asked whether the businesses had seen an increase in jobs since receiving the loan, 79% of respondents stated that with the support of the loan they were able to recruit new employees to support the business through its growth period.
Collectively, these business created a total of 56 new jobs across Scotland which has had a fantastic impact on the economy and employment.
3. 87% of businesses have increased their turnover
In order to analyse the impact our loans have had, we monitored 38 businesses who had received one of our loans and found that 87% of these businesses have seen an increase in turnover. In fact, collectively these 38 businesses have grown their turnover by a massive £8,443,475!
With these statistics in mind, it shows that real businesses all across Scotland have been able to successfully grow their business with the support of loan funding.
Join these Scottish SMEs and start the journey of growing your business today – apply online | www.bls.scot