Business Loans Scotland (BLS), a consortium of Scotland’s local authorities, provides loan
finance up to £100,000 to new and growing, small and medium-sized businesses (SMEs)
across Scotland. The Fund benefits from European Regional Development Fund (ERDF)
financial support increasing the monies available to lend to eligible businesses.
They support the following types of legally formed and trading business: 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 which may operate as a Social Enterprise or Co-operative. BLS‘s primary focus is on businesses engaged in the Business to Business (B2B) and Business to Consumer (B2C) categories, and funds may be used for working capital, purchase of plant and equipment, and purchase of business property.
Details of eligible and ineligible application candidates and business sectors are available on their website, www.BLS.Scot. Loans are not currently available to businesses in the following local authority areas: Angus, East Lothian, Eilean Siar, Orkney and Shetland. Please use the “contacts” section of the BLS website to identify your local contact and discuss support available in your area.
Business Loans Scotland offers gap funding up to a maximum of £100k to small and medium sized enterprises (SMEs) within our geographic area of operation where public sector funding (including Business Loans Scotland’s contribution), would not exceed 50% of the total funding package.
Business Loans Scotland offers Business Loans on the following terms:
• Interest typically fixed at 6% (a higher rate may be applied
for new start businesses with little or no security).
• Loan term of up to 5 years.
• Security will be taken where appropriate/relevant.
As well as loans, BLS wants businesses to benefit from all the expertise, advice, training and support that we can offer through our local business advice provision. The business adviser allocated when you submit an enquiry to us will discuss your requirements and offer support and assistance where relevant. This support is available throughout the period of the loan and
can continue beyond this time where it is deemed beneficial to do so.
What to do next?
1. Register online at www.bls.scot using the ‘Enquire Now’ tab.
2. Once eligibility is confirmed you can apply using the Online Loan Application system (OLA). All of the information that we need including supporting documentation and financial information is uploaded in OLA.
3. Once approved, loan documentation will be issued. This sets out the terms of the Loan and any pre conditions that have to be met before the loan can be made.
4. Fulfil the preconditions and accept the loan agreement.
If an application is unsuccessful then all of the business and personal information provided will be deleted from our system. On average, and assuming we receive all the relevant information, a decision can be made in around 6 weeks. Throughout this process a Local Authority adviser
will be your main contact and will be able to guide you through each step.
Please refer to: www.bls.scot for Local Authorities contact details.
Fund Manager & Registered Address:
Business Loans Scotland
London Road Centre. London Road
Kilmarnock KA3 7BU
t: 01563 554851
Company Registration Number: