£7 Million New Loan Fund Launched Which Will Continue to Support SMEs across Scotland
22 Jan 2019
With the Scottish Growth Scheme moving into the next phase, Business Loans Scotland has been appointed as one of five Fund Managers to invest Scottish Government funds to help Scottish SMEs start up and grow.
Offering loans from £25,000 to £100,000, Business Loans Scotland will give businesses access to invaluable new source of funding. These loans may be used flexibly for a number of purposes, including working capital, purchase of plant and equipment and investing in business property to name a few.
Fully funded by the Scottish Growth Scheme and the European Regional Development Fund (ERDF), Business Loans Scotland aims to give businesses access to funding that will support their growth and expansion plans. Securing finance can be a major hurdle, particularly for small and medium sized businesses however, with the help of this new Fund, businesses will be given the chance to secure the funding required to realise their ambitions.
After registering an enquiry, businesses will be allocated a Loan Fund Officer who will guide them through the process, offering support and assistance where relevant. Once the completed application is submitted, we expect to make a decision and issue you with your loan offer within 4 weeks (20 working days).
This efficient and structured process will give Scottish SMEs access to gap funding within concise time frames enabling them to achieve their growth ambitions without delay.
Speaking of the appointment, Fund Manager of Business Loans Scotland, Andrew Dickson said:
“I am absolutely delighted that Business Loans Scotland has been appointed as one of five Fund Managers through the Scottish Growth Scheme. We are passionate about supporting businesses across Scotland and by providing manageable loan finance this will allow Scottish SMEs to thrive which in turn will have a positive impact on employment and the economy.
We have previously supported 42 Scottish businesses with loan funding through Business Loans Scotland and with the total loan amount exceeding £2.8 million I look forward to building on the success of Business Loans Scotland under the Scottish Growth Scheme.”