New Falkirk businesses can now tap into even more financial support

The scheme has already provided more than £54 million through 6200 loans – an average of £9000 – to Scottish businesses and is about to be expanded even further, now supporting businesses trading for up to three years instead of two years.

As well as this, a new second loan will be available to eligible businesses operating for up to five years, allowing them to expand their operation.

UK business secretary Jacob Rees-Mogg said: “Scotland is a hub of entrepreneurship, with a quarter of a million Scots entrepreneurs setting up businesses in 2020 alone.

“Expanding the Start Up Loans Scheme will put even greater funding into the hands of Scotland’s budding small businesses, building on the £54 million already provided, supporting them through this challenging period and delivering jobs and prosperity across Scotland.”