Loan fund delivers £2.2m support for businesses

Funding available for local companies

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Business loans provided by the council have helped create 323 new jobs, safeguarded 472 and brought in a total of £7.9 million from the public and private sectors.

Through the West of Scotland Loan Fund, we provided 64 loans totalling £2.2million to new and existing local companies between 2009 and 2017.

From 2018, we are continuing to provide loan funding to local businesses through Business Loans Scotland (BLS), which is a pan-Scotland loan fund supported by the European Regional Development Fund. 

Loans of up to 50%, to a maximum of £100,000 are available to limited companies, social enterprises and partnerships with four or more partners. The funding can be used for working capital, purchase of plant and equipment or business property. Loans are repayable over a five-year period at a fixed interest rate of 6% (can vary according to risk). There is an option to take up a capital repayment holiday of up to three months, as part of the loan conditions and agreement.

"The Loan Fund provides an important service, helping businesses to grow and succeed, creating and securing jobs and boosting the North Lanarkshire economy," said Councillor Allan Graham, Convener of the Enterprise and Housing Committee.

"Experienced officers in our Enterprise Development Team will support businesses through the application process, particularly where traditional lending options are not available.

"Our loans have successfully helped companies to address gaps in funding packages, enabling projects to move forward and businesses to thrive."

The BLS application process is fully online. Applicants are required to demonstrate what their business or business project will bring to the local or Scottish economy. The business sectors likely to be eligible for support include: manufacturing, services to manufacturing, construction, wholesale, transport and distribution, software, agriculture linked to farm diversification, tourism and tourism infrastructure. 

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