finance

British Business Bank invests £47 million into Scottish start-ups



The British Business Bank has invested around £47m through its Start Up Loan initiative into 5,626 smaller Scottish businesses, with £13m of start-up loans being provided to 2,136 young Scots.

Since the initiative launched in 2012, a total of 2,136 loans – nearly 40% of start-up loans awarded in Scotland – have been awarded to entrepreneurs under the age of 30.

A total of 5,626 Scottish smaller businesses have so far received support through the programme, accounting for the £47m of funding.

The figure represents 6% of the total funding awarded throughout the UK, in line with Scotland’s share of the business population.

Edinburgh received the highest overall value of Start Up Loans in Scotland, with more than £7m lent through 690 loans.

Glasgow saw the highest number of individual loans at 799, worth a combined £6m, while businesses in Aberdeen and Dundee received 159 and 187 loans both totalling more than £3.2m.

Fife was the third highest region for start-up loan activity, representing more than £3m lent through 393 loans.

South Lanarkshire and the Highlands were fourth and fifth, with companies in these areas receiving £2.7m through 328 loans and £2.6m through 275 loans.

Victoria Nicol received a Start Up Loan to help grow her language translation business, My Language Connection. The funding it help invest in new technology and the company has since tripled its headcount and expanded its reach to serve international clients.

Nicol said: “After working for a translation company for several years which went into liquidation in February 2017, I saw a gap in the market for a personable, specialist technical translation agency and decided to branch out on my own as a young entrepreneur.

“Within a few weeks I’d managed to secure the first client projects and just over a year later turned to Transmit Start-Ups for support to take the business to the next stage of growth.”

Richard Bearman, managing director of Start Up Loans, said: “Scotland has a vibrant entrepreneurial ecosystem and young people play an important part in helping that to prosper and grow.

“We have always been committed to providing support and funding to smaller businesses that hail from each corner of the country, particularly in areas where people may struggle to access funding – the latest figures reflect the broad diversity and ambition of the nation’s small businesses at a grass roots level across many sectors and industries.”

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