Scottish Firms Given Access To GBP55m Loan Fund

Fri, 04 Feb 2011

The Scottish government has launched a multi million-pound business loan fund in a bid to help companies across the country access the financial support they need.

Finance Secretary John Swinney said the £55m Scottish Loan Fund (SLF) is open to firms with up to 250 staff and an annual turnover of more than £1m.

The Scottish Investment Bank, which provides investment funds to help businesses grow, will offer loans of up to £5m to growing and exporting companies.

Announcing the launch of the SLF, Mr Swinney said: "Scotland's economy is strengthening. We are the only nation in the UK with rising employment and falling unemployment."

"After a shorter and shallower recession than the UK as a whole, the latest GDP figures show growth continuing to take hold."

"News that the Scottish Loan Fund is open for business is a vital part of the ongoing delivery of that plan and great news for Scottish companies and our economy as a whole."

Iain McMillan, director of CBI Scotland, said the Scottish government deserved credit for introducing the fund at a "time of continuing tightness in the credit markets".

The SLF will be managed by independent fund managers, Glasgow-based Maven Capital Partners.
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