START UP Loans, part of the British Business Bank, has today announced DSL Business Finance as the Scottish Business Support Partner (BSP) for the scheme. The organisation will work with the Start Up Loans programme to deliver funding and support for small businesses Scotland over the next two years.
The scheme has a 10-year legacy of delivering funding at a fixed interest rate of 6% and mentoring to recipients in their first year. Since inception, the scheme has delivered over 6,500 of loans worth more than £59 million to businesses in Scotland, and its delivery partners (now renamed as Business Support Partners) have always been critical to its success.
Start Up Loans’ impact has been particularly noticeable among individuals who might find it difficult to secure loans from traditional lenders, which has always been a priority for the scheme. DSL Business Finance shares – and will help deliver on – this ambition of providing support tailored to all demographics in society.
Glasgow-based DSL Business Finance is an alternative finance provider which, in addition to providing start up loans, has previously delivered loan funds on behalf of the Scottish Government, most recently the Scottish Microfinance Fund and the Digital Development Loan Fund in partnership with Inspirent. The not-for-profit lender was founded in 1993 and has since supported over 2,000 businesses in Scotland, creating or maintaining over 8,000 jobs via almost £40 million of loan funding.
Richard Bearman, Managing Director, Start Up Loans, said: “I am delighted to announce that DSL Business Finance has been successful in securing the contract for loan delivery in Scotland, and will be fundamental in helping us ensure that anyone wanting to start a business has the opportunity to do so, regardless of their economic or social background.
“We are incredibly proud of the success of the scheme since 2012 and the choice to review the partners we work with has been undertaken to offer new businesses the chance to compete for the work. It will ensure the scheme is working with partners that provide the best possible support to those who need it. In particular, our new BSPs will help us deliver our ambition of providing a market leading split 50/50 split between male/female loan recipients”.
Stuart Yuill, executive director at DSL, added: “We are proud to support Scotland’s small business community by providing essential finance for early-stage firms. DSL has been a partner of the Start Up Loans scheme since 2012, delivering valuable business advice and support, as well as finance, for budding business owners. During these challenging economic times, we are working to break down barriers and unlock opportunities entrepreneurs from all geographies and backgrounds, helping them to succeed.”
Start Up Loans’ new cohort of regional BSPs have been chosen to provide localised support for businesses in each nation and region of the UK, so that entrepreneurs have the best chance of fulfilling their potential regardless of their location.
The new national BSPs will support businesses across the UK and target specific demographics traditionally in need of additional support. They are:
- GC Business Finance: A responsible lender with a proven track record in providing alternative finance products to support growing businesses achieve their goals. To date it has loaned in excess of £150m and supported over 30,000 growing businesses throughout the UK.
- X-Forces Enterprise: A specialist organisation that helps members of the Armed Forces and Emergency Service communities, including their family members, nurture their entrepreneurial ambition, secure funding and make their business plans a reality.
- The Prince’s Trust: A youth charity that helps young people aged 13 to 30. Its Enterprise programme helps turn young people’s big ideas into fully fledged businesses. It has helped over 90,000 young people to start their own business.
For more information, please visit: www.startuploans.co.uk