Product Type: Business Loan for Existing SME’s including Sole Traders, Partnerships and Social Enterprises
- Minimum Loan: £5,000
- Maximum Loan: £50,000
- Minimum Repayment Term: 3 Months
- Maximum Repayment Term: 60 Months
- Interest Rate: Fixed at 0%
- No Administration Fee
- No Penalties for Early Settlement
- Applicant businesses must be located in Scotland
- Must be trading a minimum of 6 months
- The purpose of the loan must be to improve digital capacity and or capability of the business
- Applicants must be over the age of 18
- Applicants must be a UK resident with the right to work in the UK
- Business sector must be eligible
- Businesses must meet the European* definition of an SME in relation to employees, balance sheet and turnover.
*European Definition The category of micro, small and medium-sized enterprises (SMEs) is made up of enterprises which employ fewer than 250 persons and which have an annual turnover not exceeding 50 million euro, and/or an annual balance sheet total not exceeding 43 million euro
- Applications will not be progressed if applicants are subject to formal insolvency such as sequestration/bankruptcy.
- Applicants who have defaulted on existing debts may still be considered for the Digital Development Loan if they can demonstrate that they have maintained regular repayments for a minimum of 6 months.
- Applicants who have discharged Bankruptcies and Trust Deeds are eligible to apply after the discharge date.
Loan applications for the following purposes are not eligible:
- Businesses or projects involved in betting or gambling.
- Loans for the purchase of property for resale.
- Loans to substitute the applicant’s own funds.