Accessing financial help
Business Loans Scotland
Business Loans Scotland lends to start up and existing businesses that are looking to grow but find it difficult to access funding elsewhere and need external finance to grow the business.
Created by a consortium of 32 local authorities, it offers loans of up to £100,000 to small and medium sized enterprises throughout South Lanarkshire and beyond.
Who is eligible to apply?
- Limited companies
- Partnerships including Limited Liability Partnerships (LLP’s) with 4 or more partners
- Partnerships including Limited Liability Partnerships (LLP’s) with 3 or fewer partners (loans over £25,000 only)
- Sole traders (loans over £25,000 only)
- Social Enterprises or Co-operatives
Loans can be used for:
- working capital
- purchase of plant and equipment
- purchase of business property
The maximum repayment period is 5 years, although capital holidays, up to 3 months, may be considered
Your business must provide funding of at least 50% from private sources such as bank or asset finance, personal funds or business own resources.
The interest rate is fixed at 6% for the term of the loan but may be higher for new businesses with a poor credit rating and low levels of security. No other fees or charges are applied.