Loans scheme proves a boon for local small businesses

A pioneering loans scheme has seen hundreds of thousands of pounds flow into East Dunbartonshire.

Since April 2009 loans totalling £321,900 have been made to local businesses from the West of Scotland Loan Fund (WSLF), which counts East Dunbartonshire Council amongst its members.

That in turn has helped to pave the way for more than £780,000 worth of investment - with the businesses providing £462,000 in match funding - supporting 31 jobs and helping to create a further 17.

The combined turnover of the businesses supported has since increased from just under £3million to more than £5million.

Both the number of jobs created and the rise in turnover are expected to increase as the companies which are still repaying loans continue to grow.

Councillor Alan Moir, the council’s convener of development and regeneration, said: “I am delighted that East Dunbartonshire Council’s role in the WSLF has been so successful.

“This innovative scheme has had a direct and extremely positive impact on East Dunbartonshire’s economy - supporting and creating jobs, boosting turnover and increasing investment.

“The loan fund aims to provide finance to support growing businesses which have been unable to secure investment through traditional avenues at appropriate rates.

“As a Council we are committed to helping local companies and enterprises to survive and thrive - helping to provide loans and support, working with Business Gateway and other partners, developing our town centres and encouraging investment.”

For more information visit www.wslf.co.uk