Working capital loans and capital expenditures growth financing expansion into international markets, and marketing investment.
How do I know what the Scottish Loan Scheme is?
Scottish Loan Scheme will provide loans of up or PS2 million to grow-focused Scottish businesses that have an effective business plan and the capability to repay the loan. If you are looking for more loan options please visit Oak Park Financial.
The loan can be used for various reasons that include:
- Working capital
- Capital expenditure
- Growth capital
- International expansion
- Marketing investment
The way Scottish Loan Scheme financing helped Braehead Foods grow
Learn how the Scottish Loan Scheme has helped Braehead Foods expand its kitchen production capacity, surpass the turnover goals, and continue to be a family-owned company.
If you’re considering obtaining funding through the Scottish Loan Scheme, here’s some of the essential information you’ll need.
Can I get a loan?
To be eligible to invest in Scottish Loan Scheme Scottish Loan Program:
- Your company must be located in Scotland or be able to relocate to Scotland (and situated in Scotland before the time that loan funds are made)
- You need to have a solid business plan that shows that you will be able to pay back the loan
- You have to prove that you’ve attempted to obtain funding from existing funders or that you have a justifiable reason for why you did not.
- Your company must have at least two years of trading history, with at least PS250k annual turnover, and it must be profit-making (or projecting financial success within one year)
- The loan’s funding must maintain or secure the economic impact of Scotland proportional to the amount of funds sought.
- Your company must promote fair work practices, including providing support for the Living Wage. There should be no unauthorized utilization of zero-hour contracts or exploitative work patterns.
- These sectors are banking, sub-prime and insurance lending, and gambling. They also include adult entertainment and other activities that harm the rights of people, tobacco, and local-traded services.
The application process
Step 1: Make an initial inquiry.
Complete the initial inquiry form and send it to the page. We can arrange a time for you and discuss the ideas more thoroughly, and the amount you could be qualified for.
Step 2 – submit your complete application.
The eligible companies will have to provide the following information:
- Complete application form
- Business plan
- Two years of annual historical accounts
- Three years’ forecasts (to include P&L Balance sheet, P&L cash flow forecasts)
- The details of the current borrowing
The financial and business plans and forecasts should demonstrate that the company can survive and repay the debt with enough headroom. The loan applications will be scrutinized for the creditworthiness of directors and shareholders holding more than 20% of the shares. Any obligation in the system is taken into consideration in assessing the loan’s affordability.
Step 3 – Write a report on the progress.
If the loan you’ve requested is approved regularly, you’ll have to supply us with management accounts (P&L and balance sheet and cash flow) along with annual budgets and annual accounts. A high-level overview of the economic effects resulting from the loan will also be required.