£30m boost for Scots entrepreneurs from British Business Bank loans scheme

Victoria Nicol took out a 10,000loanin 2017 to grow her My Language Connection (MLC) business. Picture: Contributed

A UK government-backed finance scheme has lent more than £30 million to small businesses in Scotland since it was launched in 2012, new figures show.

The British Business Bank’s Start Up Loans programme has issued more than 4,000 loans, with an average loan size of £7,462, to help people in Scotland become their own boss. Of the 4,047 loans issued to aspiring business owners, 35 per cent went to women.

Richard Bearman, managing director of Start Up Loans, said: “Small businesses are crucially important to our economy, helping to create jobs and generate income, and we’re dedicated to helping them thrive.”