Specialist
Business Loans in Scotland
Working Capital Funding Solutions for Business Owners in Scotland
Working Capital Funding Solutions for Business Owners in Scotland
Business loans generally operate in the same way throughout the United Kingdom. A business loan is a loan that can be used for business purposes, such as paying for business expenses, equipment, employee pay, office rental, paying off business debt, or even expanding your business further.
Businesses registered in Scotland can sometimes access funding through the Scottish Growth Scheme.
The Scottish Growth Scheme is in place to provide financial support of up to £500 million for Scottish-based businesses, with support from the Scottish government. This financial package aims to help the growth of Scottish businesses.
This funding is used in various financial schemes in Scotland, and these include:
● Equity finance from fund managers
● Loans from fund managers
● Debt or loan finance of up to £250,000
● Equity finance of up to £2,000,000
There are many different ways to access this financing in Scotland; some of the options available include:
Business Loans Scotland accepts loan applications between £25,000 and £250,000; they are owned by the local councils in Scotland.
UMi Debt Finance Scotland Ltd accept loan applications between £25,000 and £250,000 and are an employee-owned business in Scotland.
Techstart Ventures accepts applications for equity finance of up to £2,000,000. They provide funding to new companies developing innovative ideas.
Foresight Group accepts applications for equity finance of up to £2,000,000. They are infrastructure and private equity investment managers. They usually provide funding to established companies which they view as having high growth potential.
The Scottish Loan Scheme usually offers loans between £250,000 and £2,000,000, although they can provide up to £5,000,000.
To apply for a loan with the Scottish Loan Scheme, a business must have the following:
● Have a minimum turnover of £250,000
● Provide a repayment vehicle or repayment plan for the loan repayment
● Have been in operation for 2 years or more
● Be a profitable business or be expected to be profitable within 1 year
● Have a good business plan
● Be able to show how the funding they are requesting will have a positive impact on the economy in Scotland
● Provide proof that they work under fair work practices, such as paying employees a living wage
● Must have tried to get funding from other sources and been unsuccessful
Businesses must also have a headquarters in Scotland, be mainly operating in Scotland, or be looking to move the business to Scotland.
Yes, you can get a business loan as a sole trader in Scotland. You may find it’s more difficult to get a loan as a sole trader than a limited company, as lenders often view sole traders as more high risk.
Our experts at Clifton Private Finance can help you with any advice or guidance in finding the best business loan available, regardless of the type of business you own. Contact us for more information so we can help you get started with your new business loan.
Even with bad credit, you will still have options for getting a business loan. However, we highly recommend you improve your credit before applying for more loans as if you cannot repay this debt, it will further harm your credit score.
When applying for business loans with bad credit, you can expect to be offered less favourable loan terms and a higher interest rate. Depending on your financial situation, this could further strain your finances, and you could risk putting yourself in more debt.
If you begin to pay off any old debts and rebuild your credit, you may then be able to apply for a business loan with slightly better terms, and if you manage that loan responsibly, you can work on improving your credit.
If you’re looking to apply for a business loan while dealing with bad credit, we highly recommend speaking to a professional before taking out any loans. Contact our specialists at Clifton Private Finance.
For all the information and advice you need to better your credit score, we will help you find the best loan options available.
Our business loan service provides the following:
Business loans for:
As a specialist finance broker, Clifton Private Finance can provide a clear picture of your options. We will assess your circumstances and arrange a finance solution tailored to your needs.
I approached Clifton Private Finance to help me get a mortgage as an Expat working in the Far East. I would normally 'cut out the middle man' on something like this and try to get myself a deal directly with the banks, but I am now sold on the broker concept and wouldn't hesitate to use Clifton Private Finance again. There were a number of complicating factors such as being an expat, the stamp duty holiday, the sheer amount I wanted to borrow and the fact I wanted it all wrapped up before the Stamp Duty holiday ended. It is clear to me now that the relationship that brokers have managed to foster with their banks means they can simply pull levers and make stuff happen that us ordinary folk cannot. Put simply, they are worth every penny, will take most of the stress out of the lending process, and seem to have access to deals that you just won't find on the internet. Thank you George and Jan for all your hard work!
James M
Luther was excellent. Very clear in his advice and explanations of products and was able to move things on very quickly when we ran into difficulties with the estate agents. Without a doubt I would recommend Luther to all friends, family and colleagues. Luther was a joy to deal with and took a lot of the stress out of a troublesome transaction, from my end. I would view Luther as real asset to Clifton Private Finance Ltd.
William W
The team at Clifton Private Finance has been outstanding, not only in helping me to obtain a mortgage on a slightly unusual home, but also in continuing to provide support and liaise with the lender and solicitors through to completion. Thank you for making the process of buying my first home much easier.
Chantelle S
Sam O'Neill, and the new lender he identified for me, worked tirelessly together using my time constraints, to make sure my mortgage application was completed on time. They are a brilliant company to work with, fast, efficient, open and transparent from the very beginning, and turned a seemingly impossible situation into a viable one. Sam was brilliant throughout the whole process and I would highly recommend him, and his colleague Helen, to anyone without hesitation, I cannot speak highly enough about them.
Myr B
I was incredibly lucky to find Clifton Private Finance after a search on line as their service has been more than exemplary. My point of contact was Sam 0’Neill and he was happy to help at every stage during the application of the bridging loan, making a stressful process much easier to deal with. He was always available by phone or email and gave prompt answers to queries I had as well as always getting back to me when he said he would. That to me is excellent customer service and I cannot thank him personally or the company enough for the support they have given me.
C Jefferey
Adam cannot thank you enough for all your support throughout this arrangement. You have gone more than the extra mile to support us. Without you we would not have got our dream retirement home. You have been most professional and personable. Liz and I would be more than happy if you wanted to use us a reference with respect to any future clients.
Nigel & Liz K - Bristol
You have certainly shown me that you do everything for your clients, including tolerating their excessive emails and questions for updates. I have been kept in the loop, from yourself, about why the delays were occurring (Nationwide, post etc) which I would like to highlight that I really appreciated. I certainly will be able to recommend you to others as and when the need arises.
Mr Morris
I recently contacted Clifton Private Finance after a Google search for bridging finance providers and was immediately struck by their efficiency and support. Forms were emailed over almost immediately and the necessary finance was arranged within a few days. None of the other companies I contacted came close to their professionalism, and the quote that I eventually received was impressive. Thank you Adam, your help has enabled us to reserve the house that we wanted and I certainly recommend you to others.
Mr M. R. - Oxford
Absolutely brilliant. The service was first class, got everything sorted efficiently and were always friendly. Any fees were negligible compared to the service offered. Robert was particularly outstanding.
Charles N
My advisor, Robert, was very helpful in finding the mortgage to suit me. He kept me up to date throughout the process and dealt with any issues when they arose.
Rowena C
