DSL Business Finance sees lift in loans to small firms
Stuart Yuill: offering a lifeline
Not-for-profit lender DSL Business Finance enjoyed a record year in 2020-21, providing £5.6 million to SMEs and social enterprises in Scotland, up from £4.5m in the previous year.
The Glasgow-headquartered alternative finance provider continued to assist enterprise in Scotland during the Covid-19 pandemic by continuing to provide loans to both start-up and growing businesses that would not generally be able to access traditional sources of funding.
Between July 2020 and June 2021, DSL provided 199 loans to start-ups and growing businesses in Scotland. The average loan size from DSL grew to £28,539, an increase of more than £8,000 from the previous year. Crucially, this funding allowed 1,020 jobs to be maintained and 211 new jobs were created.
Overall growth over the past five years has seen DSL increase its lending amount by more than £5m, with double the number of loans being granted each month compared to that of 2016.
On top of its own funding DSL has leveraged £3.42m in co-financing from the private sector and a further £140,000 from the public sector.
Stuart Yuill, DSL’s executive director, said: “During these unprecedented times we have remained open for business and are proud that we have been able to offer a lifeline to many clients, both new and existing, despite economic uncertainty.
“We see ourselves as having a vital role to play in supporting Scotland’s economy to maximise growth opportunities as we recover from Covid-19. In particular, we are delighted that our work has allowed 1,020 individuals to remain employed and brought new job opportunities to a further 211 individuals.”