Start up loans support Glasgow entrepreneurs

24 Sep 2021

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."