Following the recent success of delivering a £10 million loan fund, Business Loans Scotland (BLS) has announced an additional £4 million of funding is now available for Scottish SMEs that are looking to access finance to start-up or expand their business.
Fully funded by the Scottish Government, BLS has issued loans to 134 businesses across Scotland to date totalling in excess of £10 million.
Supporting small and medium sized businesses across Scotland, BLS offer loans from £25,000 to £250,000 to ensure that commercially viable proposals do not fail from a lack of access to finance. Loans issued by Business Loans Scotland can be used for a variety of purposes including the raising of working capital, purchase of new assets and expansion into new markets.
In a recent survey conducted by BLS, 99% of businesses which received a loan claimed to be either completely satisfied or satisfied with the service. 71% of businesses reported an increase in jobs since receiving their loan with a total of 362 new jobs created as a result of the £10 million invested.
Speaking of the additional £4 million now available to lend, Fund Manager of Business Loans Scotland, Andrew Dickson said:
“Its fantastic news that BLS has been given an additional £4 million to lend to Scottish businesses. Lending in excess of £10 million thus far, we have been able to see firsthand how the money has been invested in Scottish business and the positive impact created on employment and the economy as a result.”
Businesses to receive loans have praised the support of Business Loans Scotland in helping to take their business to the next level.
Moray based electronics manufacturer, Makar Technologies, received two £50,000 loans from BLS to double their production capability and introduce their very own range of products. Speaking of the loans issued, Director of Makar Technologies David King said:
“As a young but fast growing business, the availability of additional funds to purchase equipment and to development products and processes are essential. As a high technology design, manufacturing and service business we must ensure we can provide our clients and customers with market leading capabilities and products.
Over the past 5 years Makar Technologies Ltd have been doubling in sales and manufacturing capability year on year and that has required a high level of inward and external investment.
Working closely with Business Loan Scotland over the years has helped the business to fund its growth with the minimum amount of complexity. Working with our dedicated Account Manager and using their internet based portal made the application process straightforward.
Their support has assisted our business to grow from a start-up business employing 4 staff to a business now employing 40 staff at present while delivering over 200 product ranges to the UK and international technology market place.”
Launching Ayrshire’s first inflatable activity centre with the support of a £50,000 loan from BLS, Eileen Bowden, Director of Bouncestation said:
“Thanks to the help of Business Loans Scotland we were able to bring back to life a derelict warehouse in Irvine to create a fun new leisure business for local families. With their help, we have created an exciting indoor inflatable park with café and tots facilities which has generated 32 new jobs including a team of 17 North Ayrshire Kick Starters. Keeping the pound local we have also forged a strong relationship with local suppliers and charitable organisations and helped improve the local economy."
If you’re looking for funding to start or grow your business, apply online here.
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