SBS unveil loan package to support entrepreneurs

Jessica Nangle

February 17, 2020

A tailored mortgage to help Scottish entrepreneurs onto the property ladder has been unveiled by the Scottish Building Society.

The package recognises the challenges start-ups face in demonstrating to traditional lenders, who use automated credit scoring, that they have a regular income.

For businesses with only a one year history looking for an 80% loan, Entrepreneur Mortgage factors in projections for the next year as long as turnover and profit are flat or rising.

Paul Denton, chief executive of SBS, said: “Scotland has a vibrant community of entrepreneurs essential to the country’s economic growth.

“However, as they build their business, many find it hard to navigate the automated lending criteria of mainstream lenders to secure loans.

“We look at the big picture. Our underwriters treat each case individually and don’t make our decision to lend based solely on salary or dividends.

“If you’re running a company, working in partnership or even going it alone, we’ll look at the retained profit and net profit performance of the business.”

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