A scheme to encourage the creation and growth of small businesses which will contribute to the Glasgow economy in terms of employment and income.
Maximum loans are:
- £30,000 for new start businesses.
- £50,000 for existing businesses.
Loans will cover up to 50% of project costs.
The Small Business Loan Fund is provided by Glasgow City Council through the West of Scotland Loan Fund.
The scheme aims to encourage the creation and growth of small businesses which will contribute to the Glasgow economy in terms of employment and income.
Ineligible sectors include the following:
- Motor vehicles.
- Real estate/property development.
- Professional services.
- Social and personal services.
- Pubs, clubs and restaurants.
- Local services.
Businesses must be operating from commercial premises within the City of Glasgow Boundary employing less than 250 people. The business must pay Business Rates and operate a business bank account.
The project will only be considered for a loan if it can demonstrate the project is commercially viable and shows the need for financial aid, contributes directly to the aims of the fund and can demonstrate the money for the project is not available from other sources.
The fund will support all enterprises who have shown willingness to work with the Business Support Network and grow a sustainable business.
- Services to Manufacturing.
- Transport & Distribution.
- Creative Industries.
- Information and Communications Technology.
Applicants are required to find at least 50% of project costs from alternative sources.
Loans can be used towards the following:
- Plant and machinery.
- Working capital provision.
- The loan fund can be utilised for both capital and revenue expenditure.
Whether related to the business, premises or product, the project should be able to show how it will contribute jobs, capacity or new capabilities to the city economy.
The provider has advised that the scheme is currently closed. Further details on the future of the scheme are expected in the next three months.
Applicants must submit an official Council Application Form (which can be obtained electronically from the website or in hard copy from the address below) accompanied by a well researched and up-to-date business plan, and at least two years of financial forecasts and supporting assumptions. Existing businesses require the most recent set of management accounts (must not be more than three months out of date prior to date of application). Failure to include all application requirements will result in the application decision being delayed.