The British Business Bank announced that, through the Recovery Loan Scheme, accredited lenders have offered over £229m to smaller businesses in Scotland.
Of this total funding offered through 1,148 facilities, £205.7m has been drawn down through 1,054 facilities.
Total funding offered from the scheme represents 5% of the national total, broadly in line with the relative size of the nation’s business population (6%).
A total of £4.51bn of lending has been offered through over 20,643 facilities across the UK, with £3.83bn drawn down through 18,338 facilities.
The Recovery Loan Scheme launched last April and was originally scheduled to run until 31 December 2021. At the Autumn Budget, the UK Government extended the scheme by six months to 30 June and made some adjustments to its terms.
The government provides a guarantee of 80% for loans made before 1 January 2022 and 70% for loans after that date. The borrower remains 100% liable for the debt.
Westminster announced this week that there will be a successor scheme, which will open for applications in August.
Susan Nightingale, UK network director for Scotland at the British Business Bank, said: “Around one thousand businesses across Scotland have taken out loans under the Recovery Loan Scheme - this will better position them to confront both the challenges and opportunities that are ahead.”
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