SBC launch loan fund for small firms

Scottish Borders Council (SBC) has approved the creation of a new Business Loan Fund to assist small businesses in the region. The fund will help companies to overcome current difficulties in accessing finance by providing affordable, interest-free lending.

The new £300,000 loan fund will complement the existing Scottish Borders Business Fund, which has provided 84 grants to local businesses to the value of £235,000.

The loan fund will be open for applications in November, and will be run initially as part of a 12-month pilot. It will be backed up with independent business support from Business Gateway advisers.

The new loan fund will run in parallel with the existing business grant fund, which is already open for applications for 2012/13.

For further information on both business loan and grant funding, please contact: Economic Development, Scottish Borders Council, Council HQ, Newtown St Boswells, TD6 0SA. Tel: 01835 826787 or email: business@scotborders.gov.uk