In our latest blog, we are looking at the entrepreneurial spirit in Scotland, which continues to prosper year on year.

At the Scottish Microfinance Fund, we provide loans to small businesses and social enterprises that can’t access funding from banks and other traditional sources. We’re available to both new and established businesses and work to help support enterprises throughout Scotland.

Being experts in working with a wide range of SMEs, here we look at the entrepreneurial spirit in Scotland, which continues to prosper year on year.

Research conducted recently by the Scottish Government found that small and medium-sized enterprises account for 99.4% of all private sector enterprises in Scotland, providing an estimated 1.2 million jobs. The research also indicates that growth in revenue over the coming year will be slightly greater than last, which is positive news.

The Scottish Government reports that between 2016 and 2017; most local authority areas in Scotland saw an increase in the number of registered enterprises. However, eight of Scotland’s 32 local authority areas experienced a falling registered business count between 2016 and 2017 – including Aberdeen (down 325 businesses, a reduction of 3.2%) and Aberdeenshire (down 160 businesses, a reduction of 1.1%). Positively, Glasgow experienced the greatest increase with a rise of 735 (up 3.9%) enterprises between 2016 and 2017 – followed by Edinburgh with an increase of 415 enterprises (up 2.2%).

The reduction in business stock in Aberdeen and Aberdeenshire over the last year is reflected in the slowdown of the oil and gas sector. Edinburgh, meanwhile, has been named best city in the UK to launch a start-up and the small business scene in the city is booming. The research, from Expert Market, put Edinburgh ahead of London and Glasgow thanks to fast internet connections, affordable office rates and a large pool of high achieving graduates to employ.

The hospitality and food and drink sectors in Scotland have also been enjoying success. We are seeing overseas M&A interest in some of our bigger food and drink businesses while innovative artisan producers are on the increase including a raft of new whisky and gin distilleries throughout Scotland.

Find out more about how we could help you, from the first steps of the application process, through to aftercare. Our dedicated Loan Officers will support and advise you to ensure your business flourishes, no matter what stage it’s at: https://www.dsl-businessfinance.co.uk/

Follow us on Facebook and Twitter for regular news updates, and check out our SMF YouTube channel to hear firsthand from our entrepreneurs on how an SMF loan has helped to transform their business!

Scottish Government statistics sourced from: http://www.gov.scot/Topics/Statistics/Browse/Business/Corporate/KeyFacts [accessed April 2018]

The Expert Market statistics sourced from: https://www.expertmarket.co.uk/focus/best-city-for-startups [accessed April 2018]

Tagged With: business entrepreneurship loans SMEs