90% of our clients would recommend us to other businesses
NEWS
July 2007 news from DSL
Today we congratulated Sandra McLean our main Fund Manager for her ten years of work with small businesses.
Sandra’s key role is appraising loans of up to £50,000. Sandra has analysed over £2M worth of loans in the last few years and has been responsible for getting £3M of loans through to the approval stage.
Lending can often be a tricky business of combining what the client says, the business plan says and what the ‘impartial’ evidence says. Sandra has been able to keep that balance and ensure that DSL keeps lending successfully to people that can’t raise all the money they need from the bank.
Sandra says’ Working for DSL has been smashing. No two days are ever the same and getting the client to loan approval stage always gives me a buzz.’
May 2007 news from DSL
We have now been awarded Community Investment Tax Relief (CITR). CITR offers a tax incentive to investments made through accredited CDFIs. The tax incentive comes in the form of a tax relief, which reduces the investor's income tax (or corporation tax) liability.
The relief is worth up to 25% of the money invested, spread over five years (5% a year) and is worth 8.33% gross a year for higher-rate taxpayers, 6.41% a year for standard-rate taxpayers, and 7.14% a year for main-rate corporation tax payers. For example, an investment of £100,000 would entitle the investor to tax relief worth £5,000 each year for five years.
July 2006 news from DSL
DSL loans in 2005
Yet another busy year thanks to our clients and all our partners who help our clients get loan ready.
£2M more to lend
£3 Million pounds lent to Scottish clients
DSL has now loaned £3,000,000 to clients in Scotland
DSL Moves to Govan, Glasgow
Unsecured business start-up loans and unsecured business growth loans will now be available from our new offices
DSL loans in 2005
In 2005, DSL loaned £1.3M to 43 existing businesses and 81 start-ups. This has resulted in 152 new jobs and 37 people becoming self-employed. Every one of these loans were to people who could not raise all of the finance they needed from traditional sources.
No of loans Value of loans
Lanarkshire 12 £172,500
Glasgow 66 £560,446
Ayrshire 9 £137,000
Renfrewshire 22 £264,500
Dunbartonshire 6 £73,000
DSL loans are also key to others supporting local businesses.....
Match Funders
Private Sector 1.25M
Public Sector 0.96M
Owners 1.0M
£ 2 Million more to lend
£2million loan from Unity Trust Bank helps DSL fund Scottish business initiatives
Unity Trust Bank has made available an additional £2million loan to DSL (Developing Strathclyde Limited). Announced at the annual DSL partner event on 23 November, the further loan will enable DSL to continue its programme of onward lending to its local community.
Unity secured the business with DSL after a competitive bidding process with a number of commercial banks. Nigel Price, Unity's lending manager said:
"We are delighted to be able to continue the positive and productive relationship we have with DSL. The work of DSL is living proof of how financial inclusion can result in social and economic benefits to communities within Glasgow. We see our partnership with Community Development Finance Institutions such as DSL as working towards the goals of the Social Investment Taskforce."
The loan means that DSL can now support yet more local businesses that would otherwise be denied access to financial support. It is a condition of lending that DSL's clients have been refused loan finance from conventional sources.
Eunice Lancaster general manager of DSL said:
"Many of the organisations we support would not be able to start up in business without funding from us. The loan from Unity Trust Bank will allow us to continue our work of lending to people no one else lends to. The majority of our clients live and work in the most deprived areas in the UK and we are the sole lender in about 60% of cases. Last year was our busiest ever and we loaned £1.2M to 41 existing businesses and 73 start-ups. This has resulted in 122 new jobs and 37 people becoming self-employed"
DSL is a Community Development Finance Initiative (CDFI) providing business loans to people living or working in west central Scotland. Since starting in 1993 it has invested £5 million in around 500 local businesses. Unity Trust's loan support has helped DSL to secure other funding, including an investment of £95,000 from Futurebuilders Scotland and £1million in European Regional Development Funding.
£3 Million pounds lent to Scottish clients
We have now loaned another £3,000,000 to clients based in west central Scotland since the end of 2003. We have negotiated another £2M of finance in order that we can keep lending at the pace of our clients. Thanks to everyone who has helped us reach this milestone.
DSL Moves to Govan, Glasgow
DSL is moving to Govan, Glasgow from the 21st July 2006. Govan is an exciting area full of new developments like the Science Centre and the site of the new BBC building - not forgetting the less well known venues like the Govan Love Cafe.
We are looking forward to doing more unsecured loans for all of our clients including: social enterprises, social firms, co-ops, credit unions, and small businesses.
Thanks to the Business Gateway, DHP, Accountancy firms(various), LEDCs, WSLF, Bank of Scotland, Airdrie Savings Bank, Royal Bank of Scotland and many others for working with us at Duke St. We look forward to welcoming you to our new offices in Govan.