Since the launch of the Start Up Loans initiative in 2012, 2,136 loans – nearly 40% of those granted north of the border – have been made to young entrepreneurs, according to the Start-Up Loans Company, which is part of the British Business Bank.
A total of 5,626 Scottish small businesses have so far received support under the scheme, representing funding of around Â£ 47million.
Edinburgh received the highest overall value of start-up loans in Scotland, with over Â£ 7million loaned through 690 loans.
Glasgow recorded the highest number of individual loans at 799, with a combined value of Â£ 6million, while the Aberdeen and Dundee companies received 159 and 187 loans totaling over Â£ 3.2million sterling.
Glasgow-based Victoria Nicol was 28 when she received a loan to help her grow her translation business, My Language Connection. It has since tripled its workforce and expanded its reach to serve international clients.
Nicol said, âObtaining funding through the Seed Loan program has been a critical step in the growth of My Language Connection, allowing us to secure additional contracts and build a team of employees to support the aspects. commercial and operational aspects of the company.
âFor start-ups and new entrepreneurs, the support offered by the program is invaluable. Obtaining funding allowed me to focus on business development and building our relationships with our clients during the crucial first two years of trading.
The Â£ 15million milestone comes as the UK-wide start-up loan program exceeds over Â£ 600million in loans to entrepreneurs outside London, equivalent to 68,559 loans.
Richard Bearman, Managing Director of Start Up Loans, said: âScotland has a vibrant entrepreneurial ecosystem and young people play an important role in helping it thrive and develop.
“Providing Â£ 15million in funding to Scottish business founders under the age of 30 is a milestone for the government-backed start-up loan scheme and reflects the success of the scheme across the UK,” said he added.
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