Loans Totalling Over £2m Issued to Scottish SMEs to Boost Business Growth
08 Oct 2019
Fully funded through the Scottish Growth Scheme and the European Regional Development Fund (ERDF), Business Loans Scotland has currently invested in 30 Scottish SMEs, with this figure expected to rise to over 100 by the end of 2021.
Providing loans from £25,000 to £100,000, Business Loans Scotland strives to ensure that good, commercially viable proposals don’t fail from a lack of access to finance and will fill any funding gaps by typically providing up to 50% of the total finance required.
With the help of loans totalling £2,047,175, these 30 Scottish business owners have been able to realise their growth aspirations without delay.
Leanne MacKay, Owner of Leanne MacVeigh Dance Academy, explains how vital the support from Business Loans Scotland has been in helping her develop a brand new purpose built studio for her fast growing performing arts school:
“Business Loans Scotland granted me a loan of £37,000 to match my personal savings which has meant I have been able to turn 2 industrial units into an amazing dance studio complete with waiting room, cloakroom, toilets and small kitchenette.
Having my own dance studio means that I am now able to add the additional classes for the children who have been on waiting lists, and generate more income from the addition of studio hire and parties. The studio will also create a safe and welcoming environment that my students can call a home from home. I found the process from beginning to end with Business Loans Scotland very simple and would encourage any business looking to fund their next project to apply."
Chair of Business Loans Scotland and Leader of East Renfrewshire Council, Councillor Tony Buchanan commented:
“Access to finance is vital for businesses in today’s current and challenging economic climate. The funding available through Business Loans Scotland, from the Scottish Growth Scheme, is fundamental in helping SMEs across Scotland achieve their growth ambitions. With loans from £25,000 to £100,000, BLS demonstrates a commitment to supporting small and medium sized businesses which are looking for funding to start up and grow.”