The Scottish Loan Fund (SLF) provides mezzanine loans ranging from £250,000 to £5 million to qualifying Scottish businesses on a wholly commercial basis. The SLF is focused on established businesses that have growth potential or are engaged in exporting outwith Scotland.
The SLF will consider businesses that meet the following criteria:
- An established business with an operating base in Scotland
- Sustainable operating profits and positive cash generation
- Annual turnover of at least £1 million in the preceding 12 months of trading
- Are ideally operating in a growth or export market
- Do not operate in a restricted sector
- Meet the The European Commission's definition of an SME (fewer than 250 employees, an annual turnover of no more than €50 million or an annual balance sheet net asset value below €43 million)
The Scottish Investment Bank has provided £55 million of cornerstone funding to the SLF, which is part financed by the Scottish Government, Highlands and Islands Enterprise and the European Regional Development Fund (ERDF). In addition £58 million of private sector investment has been generated, giving a cumulative fund value of £113 million. Maven Capital Partners has been selected to manage the SLF.
To find out more and to apply, visit the Maven website. To speak directly to a member of Maven's SLF Investment Team, call 0141 206 0121 or email slfenquiries@mavencp.com
Quarterly update
Since the launch of the SLF on 2 February until 31 December 2011, Maven has completed two deals – one in Aberdeen, the other in Glasgow.
Since the previous quarter:
- A further six offers of funding have been issued, two of which are currently in due diligence
- Seven opportunities have been classified as 'active' (actively working towards the formation of a deal proposal)
- Twenty enquiries have been classified as 'live' (required information needed to progress each proposal)