Access to capital remains a major hurdle for many small and medium-sized enterprises (SMEs) which are looking to start up and grow in the current economic climate.
Due to this, businesses may wish to consider taking out a commercial loan for a variety of reasons to generate growth or expand into new markets. Raising working capital, employing new members of staff and investing in office premises or equipment are all options for utilising a business loan to the company’s advantage.
If your business is based in Scotland which currently has a funding gap, take a look at these five reasons why securing a loan from Business Loans Scotland could be the ideal solution to help grow your business to the next level.
1. Businesses can borrow from £25,000 to £100,000
Fully funded through the Scottish Growth Scheme and the European Regional Development Fund (ERDF), we’re proud to offer loans from £25,000 to £100,000 to new and growing Scottish SMEs.
We strive to ensure that good, commercially viable proposals don’t fail from a lack of access to finance and are delighted to have supported 24 Scottish businesses to date with loans totalling in excess of £1.6 million.
As a match funder, Business Loans Scotland will fill funding gaps by typically providing up to 50% of the total finance required, up to our maximum of £100,000. Find out all about what we can do to help here.
2. Take advantage of our fixed interest rate
When it comes to applying for finance, everyone likes peace of mind knowing exactly what to expect when it comes to repayments. That’s why here at BLS we feel transparency is key and ensure all our loans come with a fixed interest rate for the term of the loan.
We also ensure that there are no hidden or additional fees along the way which means no charges for set up or early repayment. Why not use our simple online calculator to determine repayment costs.
3. We’ll provide ongoing support & assistance
We understand that applying for a business loan can be a daunting process. That’s why we ensure that once your application is submitted, you receive full support and assistance from a dedicated Loan Officer who will be on hand to guide you through the entire process. Find out more about our team here.
4. Receive a decision in just two weeks
When it comes to securing funding, every business’ needs are different. Some businesses may require a commercial loan imminently to achieve short terms goals such as purchasing essential plant or equipment to start trading whilst others may require the loan to help achieve long term goals such as renovating business property or expanding into new markets. With this in mind, once your application is submitted, we will aim to have a decision to you within 2 weeks (10 working days) giving you sufficient time to put your growth strategy into action.
5. We too are a small business based in Scotland
Our aim is to support Scottish SMEs with the funding required to achieve their growth ambitions. That’s why we’re proud to support businesses who meet the criteria from various sectors including:
- Manufacturing
- Service to manufacturing
- Construction
- Wholesale
- Transport and Distribution
- Software
- Agriculture linked to farm diversification
- Tourism and tourism infrastructure
- Service-based
All applications are reviewed on their own merit and so, any business which may not strictly adhere to the above might still be considered. Find out if your business is eligible to apply here.
Securing one of our loans could be the solution to help kick start your business’ growth in the right direction. Start the online application process today and watch your business flourish with the help of investment through BLS.
