fbpx

How The Digital Development Loan is Helping Businesses Introduce New Technology and Training

Posted in: Blog, News.

person in front of a laptop with title text overlaid

The Digital Development Loan (DDL) was created by the Scottish Government and is delivered by DSL Business Finance Ltd (DSL) in partnership with Lanarkshire Enterprise Services Ltd (LESL). The loan is aimed at Scottish SMEs wishing to carry out digital projects to increase their digital capability, capacity or improve digital workforce skills.

The Loan [DDL] has been very well received by the market and is approaching two significant milestones – the 200th loan issued and £10m of loan funding provided.

Through the Digital Development Loan we have helped businesses, charities and third sector organisations across Scotland and have funded a variety of projects. These range from sole traders through to larger SMEs turning over millions of pounds and cover a wide range of business sectors; indeed most sectors are eligible to apply.

DDL Funding Support Helps Increase Client Sales by 300%

We recently funded a project for a small family run business specialising in the manufacture of summer houses. Their digital project helped the business automate several areas of the business; 3D computer models were created for staff and clients, new touchscreens were purchased for their workshop to eliminate paper, training videos of processes were created to help train new staff which freed up time for senior members of staff and finally a CRM was created and integrated with existing systems in order to automate the end to end sales process from order, production, delivery to invoice.

The client said: “Since 2020 we have increased sales by 300% – the DDL has enabled us to meet the demand and create an infrastructure fit for the next generation”.

How the DDL works

The features of the loan are what many would consider “too good to be true”. Businesses can borrow between £5,000.00 – £100,000.00, with repayment periods from 3 months to 60 months at 0% interest and there is no administration fee, security, personal liability for Directors nor early settlement fees.

The loan fund has been designed this way to lower the barriers to investment that SMEs face when looking to introduce new technology and training.

There is a 2-step application process – Stage 1, eligibility and Stage 2, affordability.

Stage 1 focuses on how both the business and the digital project meet the fund criteria whilst stage 2 involves assessment of financial information such as annual accounts and cashflow projections  to demonstrate that the loan repayments are affordable.

For more information and details of how to apply please visit the Digital Development Loan website:- https://digitaldevelopmentloan.org/

DSL has various funds, so if you are interested in learning more about the other funds DSL offer, or are looking for funding for your own business, visit their website to learn more.

NEWSLETTER SIGNUP - JOIN NOW!

JOIN NOW!

Each quarter CEIS will provide you with an update on recent activity and useful resources. To make sure you don't miss out, sign up below...