Start Up Loan scheme rolled out to Scotland

Scottish entrepreneurs looking to start a business will now be able to take out a Start Up Loan.

The Start Up Loans scheme has now been rolled out across the whole of the UK, so anyone can apply for financial support and mentoring to help them get their venture off the ground. The total loan fund is £151 million and entrepreneurs typically borrow around £6,000 to achieve their aims.

The idea behind the loans is to make finance easier to access for fledgling business owners, who may find it difficult to borrow money from a bank.

SMEs in Scotland

Figures from March 2012 show there are almost 340,000 small to medium sized businesses (SMEs) in Scotland, accounting for 99.3% of all private sector enterprises. SMEs also employ 54.5% of those working in the private sector.

It is hoped Start Up Loans, which is a government-funded scheme, will help improve these statistics even more by making it easier for people to get started.

So far, more than 14,000 businesses have received Start Up Loans totalling more than £71,000.

The scheme is also planning to do more to target entrepreneurs over the age of 50 and parents returning to the workplace.

Scottish sources of funding and support

There are plenty of sources of funding and resources to support you when starting up or looking for increased funding for your business. Here are just a few:

• Business Scotland – an online resource developed by the Scottish Government, with a database of searchable funding options
• Senscot – a resource for social entrepreneurs in Scotland
• Business Gateway –  offering a range of resources, with free practical workshops, offices across Scotland offering support and information, plus a business enquiry service. 
• Scottish Enterprise – offers specialist support such as a proof of concept programme and support for academics.
• Youth Business Scotland – providing support for people aged 18 – 30 years old.
• DSL Business Finance – a community development finance institution (CDFI) providing startup and growth loans to businesses and social enterprises that have been able to access a bank loan or funding from other traditional sources.

Support from Bizspace

At Bizspace, we support the Start Up Loans scheme and we do all we can to make things easier for those starting out on their business journey. 

If you’re looking for a space to call your own, our flexible terms are ideal. You can rent the right amount of space for you and quickly change to another business unit as your company expands and grows.

We have eight centres in Scotland, offering a mixture of offices, workshops, studios and industrial units, making us a great option if you are looking for accommodation for your new company. You don’t have to commit yourself to a long-term lease. Instead we simply ask you to sign a one page agreement and then you can access your workspace and start running your business straight away.