South of Scotland Enterprise (SOSE) has launched a new £2million Business Loan Fund to support companies across the region looking for help to start innovative new projects.
The Business Loan Fund opens Tuesday 3 October and can be used by businesses to fill funding gaps in projects that aim to grow business and commercialise new ideas.
Examples of projects a SOSE loan can be used for include capital expenditure, growth funding, expansion and inward investment. There are no restrictions on the business sectors who can apply.
The funding is available to businesses based in Dumfries & Galloway and the Scottish Borders who have been trading and profitable for two years and have a minimum turnover of £100,000.
Full eligibility criteria and more details on how to apply can be found at www.southofscotlandenterprise.com/businessloan
Jane Morrison-Ross, Chief Executive, South of Scotland Enterprise said:
“At SOSE we aim to support businesses to thrive and grow to reach their potential. We want to see companies scale up, scale deep and scale out.
“Each business is unique so we are launching a new Business Loan Fund for South of Scotland companies who want to Innovate, grow and develop their business.
“SOSE engaged with and supported 1,100 enterprises across the South of Scotland in 2022/23 and our ambition is to work with even more businesses across the South, to help them realise the fantastic potential we see in rural entrepreneurship.
“As the new OECD report shows, over 80% of productivity growth in Scotland is from rural areas – that is a powerhouse of opportunity for Scotland.
“I would encourage any interested business to visit our dedicated webpage to find out more about the Fund.”
The £2m Business Loan Fund has an interest rate of a minimum of 8% and will not attract any fees. The rate is determined by quantum, risk and security.
