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Scotland boasts businesses in all industries – from construction and tourism to life sciences. Many harness the research and innovation potential of universities in Aberdeen, Edinburgh, Dundee, Glasgow, St Andrews, Strathclyde and Stirling, among others. In fact, research and development are big in Edinburgh, which is why it's cited as one of Europe’s top locations for technology.
Business loans in Scotland
To sustain the success of Scotland’s SMEs, it’s crucial that they can get hold of small business financing when they need it. Here’s a list of suitable alternative finance providers that lend to Scottish small and medium-sized enterprises.
Fleximize
Fleximize offers a range of unsecured business loans from £5,000 to £250,000. This is a quick and convenient source of financing – the money can be with you in as little as 48 hours. You only need to be trading for a minimum of six months, and you can repay over a term of 1 to 48 months.
You can find out more about our products by visiting our services page, but here are the key features of our financing options for Scottish businesses:
- Unsecured business loans of £5,000 – £250,000
- Approval and deposit in as little as 24 hours
- No hidden fees or early-repayment penalties
- Competitive interest rates starting from 0.9% per month
- Interest charged on a reducing balance, not the total loan amount
- Repayment holidays and top-ups available with all loans
- Exclusive discounts on industry-leading business services
Scottish Loan Scheme
Large loans ranging from £250,000 and £5 million are available to Scottish SMEs for working capital, growth and expansion in international markets. Terms range from 1-7 years and you must be able to demonstrate that your business promotes fair work practices and is at least 2 years old with a minimum turnover of £250,000.
Support for Aberdeenshire Business (SAB)
Business loans are available for local SMEs to help develop the region's economy and create jobs. The money can be used for plant and equipment purchases or working capital. Loans start at £5,000 with a top limit of £25,000. It's worth noting that higher amounts may be considered but will require security. In addition, the loan will only fund up to a third of your required total funding, so you will need to secure the other two-thirds elsewhere.
Social Investment Scotland All Purpose Loan
Social enterprises and community businesses in Scotland are eligible for loans between £10,000 and £1.6 million. You should be able to demonstrate how the funds will contribute to a positive long-term impact on local communities.
Start and Grow Scotland
To support business growth in Scottish regions, a combination of loan and grant packages between £10,000 and £60,000 are available. The grant makes up a third of the amount, and the rest needs to be repaid over a period of up to 5 years. Funding isn’t given to businesses that can access commercial financing.
Shetland Islands Council
Businesses with projects on the Shetland Islands can apply for funding to safeguard jobs, create new ones, increase exports and develop remote areas, among other goals. Whether you’re a startup or an existing SME, the council will fund some of your project costs but you need to find at least 25% from another source.
DSL
SMEs can borrow between £1,000 and £50,000 if they’re in Scotland and have been a UK resident for at least 3 years. A business plan with at least one year’s financial projections is required. Rates vary from 6% to 9% and funding is provided via the Enterprise Finance Guarantee.
Business Loans Scotland
Secured loans ranging from £25,000 to £100,000 are available to startups and established SMEs. Unsecured loans are also available for up to £50,000. The money can be repaid over a term of up to 5 years. You can apply online and can expect a decision within two weeks.
SME Loan Fund
These interest-free SME loans are supported by the Scottish Government. The loans range from £1,000 to £100,000 and should be used to introduce measures like improving efficiency of energy, material resources and water. The investment can also be set against capital allowances and you'll also receive cashback on completion of your project.
You can browse the latest list of Start Up Loans delivery partners in Scotland here.
How to access funding for a business in Scotland
Regardless of your industry, we're always looking to help businesses to secure the funding they need to thrive. If you'd like to apply for an unsecured business loan, simply complete this short online application form. A member of our UK-based team will be in touch if your business passes our initial checks.
You can take a look at our range of funding options here to find out more about our products, or check out our FAQs for more information.
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