When it comes to starting a business, it is important to know the various funding options available and to identify the one that is most suited to the needs of your business.
This knowledge can be crucial to your start-up's success as both launching and growing the business will require funds to do so. With this in mind, let’s take a look at 3 ways to raise funding for start-up businesses in Scotland.
If your business is based in Scotland, many organisations can help identify grants which may be available to your business. Some of these organisations include Business Gateway, Scottish Enterprise, your Local Authority or the Scottish Government website.
Grants are often issued for a specific purpose such as undertaking research and development work or for example working on an ‘eco’ or innovation project but by reaching out it can open doors to many opportunities that may be available for your business.
Applying for a small business loan is a relatively simple process as many lenders now have their application process online.
During the application, you will be required to state how much you wish to borrow and the duration you require for repayments along with some personal details and business information such as business plan and financial projections that will allow the lender to review your application.
Fully funded by the Scottish Government, loans issued by Business Loans Scotland range from £25,000 to £250,000 and can help business owners secure the finance they require to take their business to the next level.
Our loans can be used flexibly for many purposes, including raising working capital, purchasing business property, expanding product lines, and more. We pride ourselves in offering a personable approach to lending so after submitting your application online one of our Loan Officers will contact you directly and will be on hand to help guide you through the process from application submission right through to loan approval and beyond.
To read the stories of Scottish businesses we’ve supported with loans to start or grow their businesses click here.
Another popular way for start-ups to raise money is through crowdfunding.
Crowdfunding includes a large number of people contributing a relatively small amount of money, typically via the Internet, to a specific product or service. Crowdfunding is a great way for start-up businesses to not only raise money but to generate publicity whilst also gauging interest in their product/service with their target audience.
However you plan to fund your start-up, there are many options to consider and the 3 outlined above are just the beginning!
For more information on funding support or business advice available for Scottish businesses, please click here.
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