Financial help

When it comes to financing working capital or investment it can be difficult to determine the best option to take. Below is a comprehensive list of organisations who may be able to provide a loan or grant to help your business grow:

  • Scottish Microfinance Fund provides business loan funding up to £25,000 to businesses with less than 10 employees, at a 6% interest rate. No match funding is required
     
  • Start up Loan Company provides individuals at least 18 years old with personal loan funding up to £25,000 at a 6% interest rate. The business may have started up already but must be trading for less than 24 months
     
  • Business Loans Scotland offers secured loans from £25,000 to £100,000 to businesses employing more than 10 people. It can fund up to 50% of your funding requirement for working capital, capital expenditure or property purchase. The interest rate is 6% and there is no arrangement fee. The interest rate may be higher for new businesses with low levels of security
     
  • Resource Efficient Scotland provides unsecured, interest free Scottish Government loans of up to £100,000 for energy, water and waste saving equipment and systems
     
  • Digital Development Loan provides unsecured loans from £5,000 to £50,000 at 0% interest to limited companies, sole traders, partnerships and social enterprises. This can cover the costs of improving digital capacity and, or capability. The loan is repayable over 3 months to 5 years and businesses must be trading six months or more
     
  • Regional Selective Assistance (RSA) is a grant of 10-30% of your project costs depending on the size of your business and your location within an Assisted Area. The project must create or safeguard jobs and involve investment in capital expenditure. Check eligibility online and find out about applying
     
  • Business Support Grant funding of up to £10,000 is available from South Lanarkshire Council to support consultancy, capital expenditure, property improvements, exploring new markets (e.g. attendance at trade shows), and training that will increase your business turnover, profitability and employees. It can fund up to 50% of your funding requirement
     
  • LEADER Growing your business grant funding of £10,000 to £200,000 is available up to 50% of the project costs, for rural businesses and farm diversification investments employing fewer than 50 people in the rural Lanarkshire area. New and existing companies are eligible and this requires an increase in employees and turnover
     
  • Prince’s Trust can help anyone aged 18-30 to explore a business idea and provides a package of training, funding and a business mentor for up to two years
     

Other organisations to consider

Want to talk about it?

Business Gateway Lanarkshire offers free and independent advice to new and existing businesses. A wide range of guidance is on hand, ranging from how to create the best business plan and pitch to secure finance, through to ways to improve cash flow. If you are looking for workshops or one to one advice, which in some cases can be up to two days free specialist support, or simply a sounding board, Business Gateway Lanarkshire is happy to hear from you.