A not-for-profit west of Scotland-based business support agency is set to expand its £1.5m loan fund into Edinburgh and the Lothians in a move to aid small businesses and start-ups struggling for cash amid the credit crunch.
A not-for-profit west of Scotland-based business support agency is set to expand its £1.5m loan fund into Edinburgh and the Lothians in a move to aid small businesses and start-ups struggling for cash amid the credit crunch.
The lifeline is being provided by DSL Business Finance, a social enterprise body, which has given £5m of loans to more than 500 businesses in greater Glasgow since it was established 15 years ago.
DSL, which is based in Govan, said the expansion will help SMEs on the east coast, which have been unable to secure funds from banks because they are considered to be high risk, to apply for loans of up to £50,000.
Eunice Lancaster, general manager of DSL, said: "We provide loans to companies, charities and social enterprises, to help them create jobs and investment, particularly in disadvantaged communities."
She added: "Unlike banks, we are a social enterprise and pay no profits to shareholders. Any profit we do make is pumped back into providing loans for more small business."
