This expansion into Scotland is the final step in making Start Up Loans all inclusive for anyone wanting the financial support and mentoring necessary to set up their own small business. With a fund of £151 million, and average loan sizes of £6,000 available for entrepreneurs, Start Up Loans is championing enterprise at a time when business loans are difficult to access, giving people a chance at self-employment.
Scotland boasts a successful economy, with GDP seeing growth of 0.7 per cent during the third quarter of 2013, a 2.1% rise compared to the same period in the previous year for the region. This places Scotland above the national average for growth, signalling the potential for its economy.
The private sector too is strong, with figures from March 2012 indicating that SMEs accounted for 99.3 per cent of all private sector enterprises, equating to 339,110 businesses. The employment from these figures is 54.5 per cent across the private sector, with an estimated 1.09 million people benefitting from the opportunities within SMEs. Start Up Loans will aim to improve these statistics further, helping the Scottish economy prosper through its vibrant start up community.
One Scottish pioneering entrepreneur, 46 year old Sharon Shearer from Hamilton in Lanarkshire, started her own bathroom fitting business, Superior Bathrooms, through the help of a Start Up Loan. Having left school at 16, Sharon garnered 26 years of experience in a small bathroom showroom, and after being inspired to start her own business, decided to go it alone. DSL, a Start Up Loans Delivery Partner in Scotland, provided Sharon with the necessary support to refine her business plan, and the rest is history. With her 1,500 square foot showroom, and in the process of fitting 8 bathrooms in her first bath of interest, Sharon is set to succeed.
2014 is set to be a great year for enterprise and a great year for Start Up Loans who are looking forward to the prospects nationwide reach will bring to budding entrepreneurs across all industries and sectors, and the chance of playing a part in the ever-strengthening start up landscape in the UK, which shows no sign of slowing down.