The South Lanarkshire Business Loan Fund continues to be successful with local companies receiving more than £1 million in loans.
Set up in April 1996, more than 80 companies have benefited from the scheme with 446 jobs created and a further 433 safeguarded.
There are currently 11 companies receiving loans from the fund, which is run by the Council's Economic Development Service.
The scheme targets small to medium sized manufacturing businesses, although service based companies will also be considered (retail and licensed premises are excluded).
Councillor Eddie McAvoy, leader of South Lanarkshire Council, said: "This is great news for local businesses. We are delighted with the success of this programme and aim to continuing supporting South Lanarkshire businesses in this way."
The South Lanarkshire Business Loan Fund is an arm of the West of Scotland Loan Fund which was set up by the local authorities in the former Strathclyde Region to secure European Regional Development Fund support.
Offering loans of up to £30,000, the Business Loan Fund aims to provide gap funding to new and existing businesses within South Lanarkshire.
Loans are offered at 2% fixed above bank base rate Capital holidays and flexible repayment terms can be arranged.
Businesses:
- must have less than 250 employees
- preferably be engaged in the manufacturing sector, although the service sector will be considered
- limited companies, partnerships, sole traders and cooperatives may apply, but certain sectors are excluded from support under this scheme
Business South Lanarkshire - Spring 2001
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