Scottish startups get British Business Bank partner

Richard Bearman

Start Up Loans, part of the British Business Bank, has announced that DSL Business Finance will be the Scottish Business Support Partner (BSP) for the scheme.

DSL will work with the Start Up Loans programme to deliver funding and support for small businesses in Scotland over the next two years.

The scheme has a 10-year legacy of delivering funding at a fixed interest rate of 6% and mentoring to recipients in their first year.

Since inception, the scheme has delivered over 6,500 of loans worth more than £59 million to businesses in Scotland.

Start Up Loans’ impact has been crucial to individuals who might find it difficult to secure loans from traditional lenders, which has always been a priority for the scheme.

“Glasgow-based DSL Business Finance is an alternative finance provider which, in addition to providing start up loans, has previously delivered loan funds on behalf of the Scottish Government, most recently the Scottish Microfinance Fund and the Digital Development Loan Fund in partnership with Inspirent,” said British Business Bank.

“The not-for-profit lender was founded in 1993 and has since supported over 2,000 businesses in Scotland, creating or maintaining over 8,000 jobs via almost £40 million of loan funding.”

Richard Bearman, Managing Director, Start Up Loans, said: “I am delighted to announce that DSL Business Finance has been successful in securing the contract for loan delivery in Scotland, and will be fundamental in helping us ensure that anyone wanting to start a business has the opportunity to do so, regardless of their economic or social background.

“We are incredibly proud of the success of the scheme since 2012 and the choice to review the partners we work with has been undertaken to offer new businesses the chance to compete for the work.

“It will ensure the scheme is working with partners that provide the best possible support to those who need it. In particular, our new BSPs will help us deliver our ambition of providing a market leading split 50/50 split between male/female loan recipients”.

Stuart Yuill, executive director at DSL, added: “We are proud to support Scotland’s small business community by providing essential finance for early-stage firms. DSL has been a partner of the Start Up Loans scheme since 2012, delivering valuable business advice and support, as well as finance, for budding business owners.

“During these challenging economic times, we are working to break down barriers and unlock opportunities entrepreneurs from all geographies and backgrounds, helping them to succeed.”