Business owners across Scotland have received loan funding totalling £5,023,175 to help them achieve their growth aspirations and to raise working capital to support them through the COVID-19 pandemic.
Issuing funds to businesses from a range of sectors including manufacturing, education and telecommunications to name a few, Business Loans Scotland (BLS) is a Government backed loan fund which strives to invest in new and growing Scottish SMEs.
Fully funded through the Scottish Growth Scheme and European Regional Development Fund (ERDF), BLS offer two different types of loan; the Start-up & Growth Loan, available to those looking for match funding to support the start-up or growth of their business, and the COVID Working Capital Loan, available to those looking to raise working capital if they have been financially impacted by COVID-19.
In regards to the Start-up & Growth Loan, BLS is a match funder, and will therefore typically provide up to 50% of the total funding required. Loans range from £25,000 to £100,000 and can be used for a variety of purposes including raising working capital, introducing new product lines, purchasing additional machinery and recruiting new employees to support an increase in consumer demand.
The purpose-built COVID Working Capital Loans, available until 31st December 2020, also ranges from £25,000 to £100,000, however loans of up to £250,000 may be considered in exceptional circumstances. Borrowers will also receive an initial 3 month capital and interest holiday with loan repayments commencing when the business can afford to do so.
Speaking of the funding available, Andrew Dickson, Fund Manager for Business Loans Scotland, said:
“Individuals starting or growing a business can face many challenges and so, being able to provide these business owners with the funding they require to support them through that journey is invaluable.
We also understand that many businesses are seeking funding to support their business through these extremely challenging times and so we are delighted to be able to offer COVID Working Capital Loans to those who have been financially impacted by COVID-19. We currently have £2,000,000 worth of loan funding still available to Scottish SMEs and so, we would urge any Scottish business owner looking for a loan to support their business to contact us today by visiting www.bls.scot”
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