SIXTY-two business owners across Scotland have received a loan from Business Loans Scotland to support the start-up and growth of their company.
Fully funded through the Scottish Growth Scheme and European Regional Development Fund (ERDF), this Government backed loan fund has issued £4,073,175 to aspiring business owners.
Loans issued have been used for a variety of purposes including raising working capital, introducing new product lines, purchasing additional machinery and recruiting new employees to support an increase in consumer demand.
The fund strives to invest in new and growing Scottish SMEs by providing them with the funding required to achieve their growth ambitions.
One business to receive the maximum loan amount of £100,000 is security services company, Secureshield.
Based in North Lanarkshire, Secureshield was formed as a result of a management buy-out of Scottish security company, Securus Group and in doing so, was able to safeguard 51 jobs in the process.
John Hunter, Secureshield director, said: “Our overall plan with the management buy out was always to secure this type of funding however when we were introduced by Scottish Enterprise to Business Loans Scotland we couldn’t have asked for a better partnership.
This support enables us to move quickly in our stabilisation and growth planning in a demanding market.”
Andrew Dickson, Business Loans Scotland funds manager, added: “Individuals starting or growing a business can face many challenges and so, being able to provide these business owners with the funding they require to support them through that journey is invaluable.”