The thought of applying for a business loan can seem like a daunting process.
Who can I borrow money from? What if I can’t afford the repayments? What if I borrow too much or too little?
These are questions that small business owners often ask themselves when thinking about applying for loan funding and in fact, knowing the answers to these questions well in advance can help settle any doubts, ensuring you are able to apply for funding through the right channel that best suits the needs of your business.
With this in mind, here’s 4 reasons why applying for a loan through Business Loans Scotland is a smooth and straightforward process and one that isn’t as scary as what you first may think:
As a consortium of Scotland’s 32 Local Authorities set up to manage loan funds and provide funding to businesses across Scotland, this means we strive to support and encourage the creation, development and growth of Scottish SMEs.
The loans issued through Business Loans Scotland are fully funded by the Scottish Growth Scheme and European Regional Development Fund (ERDF) and so ensuring Scottish SMEs thrive as a result of receiving one of our loans is at the forefront of what we do.
Once you’ve submitted your application online via our website, one of our Loan Officers will contact you to discuss this further and will also be on hand to offer you guidance and support throughout the whole process.
By having a dedicated Loan Officer, you will be able to have any questions or queries answered which in turn, will help give you peace of mind of knowing what to expect when it comes to repayments, the process itself, how much interest you can expect to pay and more.
When it comes to lending, we pride ourselves on being completely open and transparent to ensure every party is completely informed on the terms of our loan prior to submitting an application.
That’s why every loan issued from BLS comes with a fixed interest rate of 6% and no additional fees or charges. The interest will remain fixed for the duration of the loan meaning you will never pay any more than what has been agreed.
Unlike some of the larger organisations who offer business loans, we pride ourselves on being a small business with a team of 6 who work closely with contacts across the 32 Scottish Local Authorities to ensure the best outcome is achieved for each business that applies for one of our loans.
Being a small business ourselves allows us to understand the challenges you may be facing and help you overcome these with the support of funding to start-up or grow your business. We can also provide you with support from a wider network of government led organisations where we work together to ensure Scottish SMES are given the correct support and funding opportunities to flourish and succeed.
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62 business owners across Scotland have received a loan from Business Loans Scotland.Read More
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