A £12 million loan fund under the Scottish Growth Scheme, part funded by the European Regional Development Fund (ERDF), is now available for Scottish SMEs to invest and encourage their growth plans.
The Fund provides loan finance for SMEs in the £25,000 to £250,000 range and will see investments in over 200 SMEs within the next three years. Loans can be used for a wide range of purposes including capital investment, exports, innovation and product development.
Nicki Clark, Chief Executive at UMi, said “We are really excited about helping businesses across Scotland succeed and grow by having access to the right kind of finance. The Fund also enables us to build our team in Scotland and make a positive economic contribution in our own right as well as via the services we provide. Our expertise in delivering business information, advice and funding to businesses across the UK has given us a unique and practical insight into the needs of SMEs which we have taken the time to reflect in how the funds are accessed, priced and managed.”
Tom Brock, our Fund Director says, “Many ambitious Scottish SMEs struggle to access debt funding in the £25k to £100k range due to a lack of trading history and/or collateral. Our process will be streamlined, with the aim of delivering funding for eligible Scottish SMEs within 20 days, to allow them to focus on growing their business.”
UMi Debt Finance Scotland is part of UMi, who take the hard work out of finding and using the best information, expertise and finance to help businesses go further. Our investment centre has managed over £174m, leveraged over £600m of investment from other sources and helped create over 39,000 jobs.
With this loan fund, we are providing an alternative way for SMEs to access funding for their growth projects. The team have a background in funding and helping SMEs as well as extensive networks across the Scottish business community.
To learn more about the fund and to find out if you are eligible complete the EOI form on our home page or get in touch.