Business grants and loans

Supporting businesses in North Lanarkshire

Youth Investment Programme

North Lanarkshire Council can provide financial support to help local businesses develop and grow. Our current programmes:

Business Loans Scotland

Does your business need funding to grow? Are you struggling to secure finance from the traditional lenders? Business Loans Scotland may be able to help.

pdf icon Business Loans Scotland [1Mb] provides gap funding to businesses that are looking to grow but need external finance to make it happen. Led by a consortium of 32 local authorities, it offers loans of up to £100,000 to new and established SMEs throughout North Lanarkshire and beyond.

The following types of business are eligible to apply (full details of ineligible and eligible sectors can be found on the Business Loans Scotland website) :-

  • Limited companies

  • Partnerships including Limited Liability Partnerships (LLP's) with 4 or more partners

  • Partnerships including Limited Liability Partnerships (LLP's) with 3 or fewer partners (loans over £25,000 only)

  • Sole traders (loans over £25,000 only)

  • Businesses may operate as a Social Enterprise or Co-operative

New start-up businesses can only apply for a maximum of £50,000. Note that total public sector funding, including any contribution from Business Loans Scotland, must not exceed 50% of the overall funding package. This means that your business must provide match funding of at least 50% either from its own resources or from other (private sector) sources, such as bank finance or other commercial lenders. Loans are typically offered at an interest rate of 6%, and are repayable over a period of up to 5 years. Security is taken where appropriate.

Loans can be used for :-

  • working capital

  • purchase of plant and equipment

  • purchase of business property

     

To find out more about the funding available through Business Loans Scotland, or to submit an initial enquiry, visit www.bls.scot.

 

Business Growth Fund

This grant scheme helps small businesses undertake projects which will enable them to increase sales, employ more staff and grow the business to the next level. Note that eligibility criteria apply to the types of businesses and projects we can assist. For more details on eligibility criteria and the application process please refer to the pdf icon Guidelines for Applicants 2017/18 [288kb]. Business Growth Fund grants can contribute up to 50% towards the cost of:

  • Capital expenditure*: outright purchase of plant, equipment or machinery.  Maximum grant: £6,000.
  • Infrastructure improvement*: expansion, conversion or other improvement to business premises. Maximum grant: £6,000.
  • Consultancy support: commissioning of external consultancy services to support the development of a growth project. Maximum grant: £3,000.
  • Training Support: staff training to raise skill levels and improve competency and productivity. Training which is required by law is ineligible. Maximum grant: £2,000.
  • Exhibition Support: participation at an industry exhibition or trade show within the UK or overseas either as an Exhibitor or Visitor. Maximum grant: £3,000.

* For projects involving a combination of Capital Expenditure and Infrastructure Improvement (or vice versa), the maximum (combined) grant award is up to £12,000.

If you would like to apply for grant support please contact Business Gateway Lanarkshire (01236 702020) to arrange a meeting with a business adviser, or contact the North Lanarkshire Council Business Support Team by using the 'Contact Us' box.

Small Business Bonus Scheme

This scheme aims to reduce the rates burden on small businesses of which the combined rateable property value is £35,000 or less.

Combined rateable value:

Up to £15,000100% (ie no rates are payable)
£15,001 - £1800025%
£18,001 to £35,00025% on each individual property with a rateable value of less than £18,000

Each individual property must have a rateable value of less than, or equal to, £18,000.

Please use the 'Non-Domestic Rates Team contact us' box if you have any questions.

 

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