East of Scotland Investment Fund (ESIF)

The East of Scotland Investment Fund (ESIF) is a consortium of nine Local Authorities working together to provide loan finance to new and growing businesses within the east of Scotland.

• Objectives
• Who can apply
• How can the funds be used?
• Terms
• How long does the application process take?

Objectives

Our main aim is to encourage and support the creation, development and growth of small and growing businesses within the east of Scotland so that they will in turn be able to contribute to and strengthen the local economy in terms of jobs, growth and wealth.

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Who can apply

Businesses with commercially viable proposals but who may experience difficulty in raising all of the required funding from the usual commercial sources. Applicants must be able to demonstrate a funding gap as we will not be the sole funder of projects. 

Traditionally we have targeted manufacturing and ser vice to manufacturing. However, more recently our list of eligible sectors continues to grow and now includes tourism, farm diversification and other service based sectors. Every attempt is made to accommodate priorities at the local level and we would welcome all enquiries. 

We welcome applications from al types of business operating as a limited company or limited liability partnership. However, certain restrictions apply so please contact your local authority to confirm eligibility.

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How can the funds be used?

Loans can be used for the purchase of plant and equipment (new or used), for the provision of working capital, for the purchase or refurbishment or expansion of commercial property and for the purchase of a business. Loans cannot be used for speculative property development for sale or lease or to finance private cars.

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Terms

Loans of up to £50,000 are available to all businesses. The East of Scotland Investment Fund (ESIF) will reserve the right to seek any form of security where it is deemed appropriate. The East of Scotland Investment Fund will normally operate in conjunction with other commercial lending agencies and applicants must demonstrate that at least 50% of the total funding package is being provided by the private sector . Interest rates are fixed, currently at 6%, for the duration of the loan with the maximum repayment period being 5 years. Consideration will be given for ‘capital repayment’ holidays on a case by case basis.

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What to do next

If you would like to speak to someone to discuss a possible application, please contact your Local Authority Officer or the Fund Manager by telephone or email. Every attempt has been made to keep the whole application process as streamlined and as user -friendly as possible. Application Forms may be downloaded from the website at www.eastscotinvest.co.uk. Completed applications forms should be accompanied by a business plan, supported by audited accounts, unaudited accounts or financial statements (where appropriate) and at least two years detailed financial projections. Forward your application et al to your local contact named overleaf.

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How long does the application process take?

Usually a decision can be made about your application within six weeks, depending on when it is received.

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