SMEs are flourishing throughout Scotland » SMEInsider

SMEs are flourishing throughout Scotland

The number of SMEs in Scotland is increasing strongly, according to a new study conducted by Santander.

According to the lending giants, small businesses in Scotland have increased by 4.1 per cent in 2014.

This increase means that over 6,500 small businesses have been created in Scotland throughout the previous year.

The four fastest growing areas include Clackmannanshire, (an increase of 6.7 per cent) East Renfrewshire (6 per cent), East Dunbartonshire (5.7 per cent) Edinburgh (5.6 per cent).

Although Edinburgh places fourth in the largest growing area for SMEs, the city has retained its title for having the most small businesses in total with 16,875, slightly more than 16,570 in Glasgow and 13,970 in Aberdeenshire.

‘‘It is great to see Scotland’s SMEs growing, hiring and investing for the future. Scotland has a strong base of small businesses with some exceptional firms increasing their presence both locally, across the UK and globally,’’ said Kevin Boyd, divisional mmanaging director – Scotland, Santander Corporate & Commercial.

There is further cause for celebration between small business owners in Scotland. Total turnover for 2014 rose by 5.7%, equivalent to an extra £5.34 billion in revenue in 2014.

Santander is showcasing the rising popularity for SMEs in Scotland. The Santander Red Box Business Festival is being held from 11-15 May in St Andrew Square, Edinburgh. The festival consists of free-to-attend masterclasses and focused events aimed at ambitious business owners and local entrepreneurs.

As well as this, Santander is also running a significant schools engagement programme, with the aim to get local schoolchildren actively involved and to introduce them to valued business and finance skills.

Among a range of activities planned, Santander will run a competition to design a new logo for use on Morphsuits, while 25 selected students will also be able to participate in a financial awareness masterclass in the Box itself.

‘‘Santander has been growing its own presence in the Scottish market and believes that with services such as our new Breakthrough product and our Growth Capital lending programme we are offering a highly differentiated service for businesses,’’ continued Boyd.