Scottish companies founded by entrepreneurs under 30 have
received £15m of funding through the Start Up Loans programme, run
by the British
Business Bank. Since the initiative launched nine years ago,
2,136 loans - nearly 40% of Start Up Loans awarded in Scotland -
have been awarded to young entrepreneurs. Glasgow saw the highest
number of individual loans; with 799 loans worth a combined
£6m.
The Start Up Loans programme's mission is to make business
ownership a viable career for individuals who would struggle to
raise finance.
Glasgow-based Victoria Nicol was 28 when she received a Start Up
Loan to help grow her language translation business, My Language
Connection. The company has gone on to triple its headcount and
expand its reach to international clients.
It has become a specialist provider of technical translation
services for sectors including MedTech and life sciences,
engineering and construction, logistics, legal, oil and gas,
education and renewables.
Victoria said: "Securing funding through the Start Up Loans
programme was a crucial stepping stone in the growth of My Language
Connection, enabling us to secure additional contracts and build a
team of employees to support the commercial and operational side of
the business."