Micro funder hands out £1m

The Scottish Microfinance Fund (SMF), has lent the first £1million of a total £6million funding pot to help create jobs and support entrepreneurship across the country.

Supported by the Scottish Government, DSL Business Finance, the European Regional Development Fund and Start Up Loans Company (SULCo), the SMF aims to provide improved access to finance to businesses at competitive terms.

The fund, which was launched late last year, offers an interest rate of 6% and has no arrangement or early repayment fees.

It is part of a larger £40million boost from the government’s Small and Medium-Sized Enterprise (SME) Holding Fund.

SMF applicants are hooked up with a dedicated loan officer for face-to-face pre-loan and aftercare support.

More than 80 busi- nesses have now received £1million worth of loans of up to £25,000, helping them grow their businesses.

Rekha Welsh and Murray Marshall have been appointed as loan officers in the north-east and Highlands respectively, bolstering SMF’s established presence in key start-up and growth centres in Edinburgh and Glasgow.

SMF executive director Stuart Yuill, said: “It’s a real achievement to reach the first million, and demonstrates how effective SMF has been in supporting SMEs to take the leap and either start or grow their businesses.”

The Invergordonbased nail varnish manufacturer SMC Cosmetics UK was the 82nd recipient of a SMF loan, taking the fund across the £1million threshold.

“It’s a real achievement to reach the first million”