David Mundell MP brought together local business leaders in Peebles last Friday to discuss the opportunities and challenges facing the business community in Tweeddale.
While concerns were raised over bank lending and empty buildings on the high street, discussions were positive about recent trends and optimistic about the future for local businesses.
Overall footfall figures for the previous year were agreed to be very encouraging, and business leaders stated that they were proud and happy to work in a town with such a vibrant centre. The group commented that the existing transport infrastructure served the local area well, and that the work done by the UK government to cut red tape and support growth, along with the parking survey currently being undertaken by the council, is good news for the area.
Despite this, optimism challenges remain for the business community, and securing loans remains a cause for concern among many local businesses. In response to this, the local council has launched the Scottish Borders Loan Fund, which is now open for applications. The Fund will run initially as part of a 12 month pilot, and will provide necessary loans to help small businesses; backed up with independent business support from experienced Business Gateway advisers. Loans of up to £5,000 will be available to start-up businesses repayable over a term of up to 2 years, while established businesses will be able to borrow up to £10,000, repayable over a term of up to 3 years.
The UK Government is also working to diversify the sources of finance for small firms through non-bank channels such as the Enterprise Finance Guarantee, and by encouraging angel investors and peer-to-peer lending. In addition to this a new business bank will provide long-term help for small businesses through £1 billion of Government funding.
Commenting, David said: “Peebles is extraordinarily lucky to have such a proactive and committed community, of which local businesses play an invaluable role, and I am keen to do everything I can to support them. I am delighted that the council has approved 200 new affordable homes, and we must keep doing all we can to boost growth and jobs in Tweeddale.
“Local business people feel proud and happy to work in Peebles, and as our economy moves from rescue to recovery it is more important than ever that local and national politicians of all parties deliver for small and medium sized businesses. That is why I’m working hard to cut red tape, get banks lending, and grow our local economy. I will continue to put pressure on the Scottish and UK Governments to do their bit to support our community. ”