Resource Efficient Scotland Loans
These are loans that can be used by small and medium business entrepreneurs to empower their businesses. They can also use this loan to strengthen their competitiveness edge.
This loan is a pet project of the Scottish Government as a way to support entrepreneurs who are in need of an effective technique to reduce their cost by improving their material resource, energy, and water efficiency.
The Resource Efficient Scotland Loan is available for medium-scaled enterprises, private sector landlords, non-profit organisations, charity organisations, and small-sized enterprises. As a matter of necessity, the beneficiary must be based in Scotland.
Due to the number of both genuine and fake business ideas, the government listed some requirements that a business must meet before the business is considered eligible for the RES loans. Consider these few requirements:
- You must live in Scotland.
- Your business must have been in existence for a minimum of 12 months.
- Your employees must be less than 250 people.
- Your turnover should not exceed £42 million.
- Your credit score must be impressive.
- Ability to repay the loan is considered a necessity.
- You must be ready to repay the loan within 4 years if you want to use the loan to promote your energy efficiency. For other uses, you must have the resources and willingness to make the repayment in 8 years.
Individuals who meet all these requirements may apply for the loan to improve their businesses and reduce the cost of operating such businesses. However, why should you consider taking this loan rather than other loans?
Projects that are considered eligible for the loan
The factors above determine the eligibility of the business owner. On the other hand, some projects are given preference when giving out this loan. These are the top projects that are considered for the loan:
- Installing new biomass boiler to reduce the cost of providing heat.
- Reducing the cost of energy by using energy-efficient lighting.
- Using some energy-efficient heating system with the objective of reducing energy bills.
- Reducing the cost of heating by insulating the business premises.
- Generating cheap electricity directly from the sunlight by installing solar PV panels.
How to apply for the loan
To apply for this loan, you must visit the Resource Efficient Scotland office where a specialist advisor will take you through the process. One of the objectives of this meeting is to teach you how to minimise the quantity of energy you consume. The advisor will then guard you through filling the application from which you will submit for review.
If the organisers consider you eligible for the loan, it will be given you without delay.
If you are running an SME in Scotland and you meet the listed requirements above, this is a great opportunity you can leverage to take your business to a greater height. That is the only way you can beat off competition and stay in business without any fear of folding up in the near future.