Access to Finance
Access to finance can be a critical component in your company’s growth plans.
Most High Street banks offer business loans and are usually the first port of call for businesses seeking access to finance. However, there are other sources of finance to consider, especially when the banks are unwilling to provide all the funding you need.
Here are just some of the other options available, all of which can be used in conjunction with the AMBITION Programme:
South Ayrshire COVID-19 Strategic Enterprise Programme
South Ayrshire Council has created a new programme to support the local economy during the COVID-19 crisis.
The South Ayrshire COVID-19 Strategic Enterprise Programme (SEP) offers two forms of support to local companies:
• expert help ( a three hour, one-to-one surgery for financial or human resources advice)
• grant funding
Funds for this programme are limited and assessments for awarding support will be based on the economic contribution a business makes to the local economy.
To apply for this programme, your business must meet the following Stage 1 criteria:
• Have a trading address in South Ayrshire
• Have begun trading before 6 April 2019
• Employ five or more FTE staff
• Have been on a proven, sound financial footing prior to 17 March 2020
• Have sales in excess of £100,000 outwith Ayrshire per annum. (For tourism related businesses, this would include spending by non-Ayrshire residents.)
However, meeting these Stage 1 criteria does not automatically mean your business will qualify for grant support.
In addition, you must demonstrate that your business meets both of the following Stage 2 criteria:
• Your business has been disadvantaged by COVID-19
• You can provide evidence that receiving support from this programme will safeguard jobs
It is important to emphasise, that in awarding support, priority will be given to strategically important South Ayrshire businesses, including those with a role to play in the COVID-19 supply chain and/or those based in rural locations.
For more information and to apply please visit: www.beta.south-ayrshire.gov.uk/article/19563/Business-Support
BLS – Business Loans Scotland
Do you want to introduce new processes or equipment or expand your business? Have you raised all the cash you can from your own resources and the banks? Is there still a funding gap? BLS might be able to help gap fund your project at competitive rates.
BLS operates a loan fund that aims to ensure good, commercially viable proposals do not fail from a lack of access to finance. Additionally, BLS wants to encourage and support the creation, development and growth of businesses, aiding the potential for expansion of trade both within and outwith Scotland. This will in turn be able to contribute to, and strengthen, the local and national economy in terms of jobs, growth and wealth.
BLS can offer loans up to £100,000 to businesses in South Ayrshire. Loans must form part of a wider funding package. For more details on BLS loans please visit www.bls.scot to make an enquiry.
DSL – Business Finance Ltd
Starting or growing a business can be daunting, particularly from a financial side. But there is help available to take that leap and get your business moving forward! The DSL team of loan experts can offer the best options to suit small businesses, while also providing support throughout the duration of the loan. DSL offer loans to small and micro SMEs with less than 10 employees or operating as sole traders or partnerships of three or less people.
- Loans up to £50,000 available to enterprises based in Scotland
- Face to face pre and post loan support provided
- Team of loan experts to guide you through the process
- Low cost microfinance options with a competitive interest rate
- Tailor made solutions for individual businesses
For further information on DSL business finance, please visit https://www.dsl-businessfinance.co.uk/
Scottish Co-investment Fund
The Scottish Co-investment Fund (SCF) is designed to address a finance gap alongside their accredited co-investment partners. Investment can be made in companies from start-up, early-stage to expanding businesses seeking to develop products and/or markets.
Through this fund, they can match accredited investment partners up to a maximum of 50% of the total funding package on a commercial basis. They can provide from £10,000 up to £1.5 million, as part of a total deal size ranging from £20,000 up to £10 million.
This is an equity fund (Scottish Enterprise will subscribe for shares), with deals brought forward by partners. The Scottish Investment Bank invests on equal terms with the investment partner. (‘pari passu’).
Company enquiries for SCF funding should be through an accredited investment partner. Their Financial Readiness team can help you with the preparation of your investment proposition.
For further details please visit https://www.scottish-enterprise.com/services/attract-investment/scottish-coinvestment-fund
Regional Selective Assistance
Regional Selective Assistance (RSA) is a discretionary grant available for businesses who want to develop a project in Scotland.
The amount offered depends upon:
- The size of your business
- The location of the project
- Our assessment of how much is needed for the project to go ahead.
You can apply whether your business is based in Scotland or not – although the project must take place in Scotland. The project should also involve some capital investment and must directly result in the creation or safeguarding of jobs in Scotland.
Large businesses will only be eligible if the project involves diversification at an existing location or new activity taking place on a new site.
For further information please visit https://www.scottish-enterprise.com/services/attract-investment/regional-selective-assistance
South Ayrshire Council’s AMBITION Programme provides targeted grant support to SMEs with the ambition to grow and create employment.
The AMBITION to Invest Fund is a discretionary grant fund targeted at new and existing businesses based in South Ayrshire seeking investment funding to grow. We’ll support eligible businesses looking to raise over £25,000 of fresh investment.
Securing growth capital is often critical to business success. The AMBITION to Invest Fund aims to support your business throughout the investment process – from securing the right type and level of investment, to the transition from investment to return on investment.