GLASGOW Chamber of Commerce has launched a £100,000 loan fund for businesses – enabled by a donation from retired printing sector entrepreneur John Watson.
The fund is open to small and medium-sized businesses in the west of Scotland, which can apply for loans of between £5,000 and £10,000.
It is aimed at supporting businesses targeting growth, through development of products, the growth of skills bases, or entry to new markets. The fund, which is being administered by Glasgow-based DSL Business Finance, has been established following a £100,000 donation from Mr Watson.
The entrepreneur, a previous winner of the Lifetime Achievement accolade at the Glasgow Business Awards, made about £15 million from the sale of his label-printing business to US giant Multi-Color Corporation. The sale of John Watson & Company, which developed a focus on the Scotch whisky sector, was unveiled in 2013.
Glasgow Chamber noted that businesses could receive expert advice as well as loans under the initiative.
Stuart Patrick, chief executive of Glasgow Chamber, said: “Glasgow is renowned for being a powerhouse of manufacturing, innovation and creativity, and this fund has been set up to give our SMEs (small and medium-sized enterprises) the opportunity to flourish and grow. We’re keen to hear from companies which are excelling in these fields.
“It will support the development of new products, growing skills bases or entering new markets. However the scheme is more than just financial support – we want to work with businesses to help them develop.”
He added: “The launch of the John Watson Fund would not have been possible without the extremely generous support of one of Glasgow’s most established entrepreneurs. Not only will this fund help our economy to thrive, it will also bring wider benefits to the city by ensuring businesses can realise their potential and achieve growth goals.”
Stuart Yuill, executive director of DSL Business Finance, said: “John Watson’s foresight and generosity will further encourage entrepreneurship, which is great news for the creation and sustainability of jobs in the city and neighbouring authorities.”
As part of the lending agreement, successful candidates will automatically become members of Glasgow Chamber of Commerce.
The chamber said it would provide support by “proactively matching mentors and advisors from within its membership to help companies gain maximum benefit from the chamber’s network”.
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