DSL Business Finance Ltd (DSL) has helped 157 female entrepreneurs to set-up and expand their businesses in Scotland in the last three years, with more than 30 per cent of the total money it lends going to women.
DSL is an alternative finance provider supporting enterprise across the country by providing loans of up to £50,000 to SMEs and social enterprises.
The not-for-profit organisation has lent £8.7 million to around 500 organisations over the last three years. The funding has helped create more than 641 jobs, while maintaining a further 1104. Of that funding, £2.53m has gone to businesswomen, helping to create and maintain 291 jobs.
DSL said that despite recent reports that that women entrepreneurs are less likely than men to ask for funding, it provides finance to females building successful businesses across a wide range of sectors. It added that it continues to see a lot of interest from women in its business loans.
For example, DSL gave Falkirk-based Claire Graham a loan of £18,000 for her Hair at Your Venue business. She had qualified as a hairdresser and make-up artist while working full-time as a housekeeper at a hotel.
Claire spotted a gap in the market for people, especially wedding parties, to have their hair and make-up done at a venue. So she came up with the idea of having a mobile salon – a 7.5 tonne truck – to take to venues. The loan from DSL allowed her to buy the truck and fit it out as a professional salon.
Claire Graham said: “From my hair and make-up training and working in a hotel, I came up with the idea of my Hair at Your Venue mobile salon to fill what I had identified as a real gap in the market.
“From my research, I couldn’t find anyone offering a similar service and it has proved really popular. The loan from DSL made it possible for me to realise my dream as it allowed me to buy the truck and transform it into a working salon.”
Having worked in food manufacturing for 20 years, including senior roles in sales and marketing, Kelly Wright came up with the concept of The Refillery which she opened earlier this year in Newington in Edinburgh, helped with a loan from DSL.
The Refillery is a plastic-free grocery and ethical goods store and in its first six months of trading customers have saved 41,692 pieces of plastic packaging by choosing to refill.
Customers reuse rather than rebuy packaging and can use anything they like to refill a large range of grocery items, including wholefoods and household detergents. The Refillery also sells loose organic fruit and vegetables and locally baked bread.
Kelly Wright explained: “I had spent two decades in the food manufacturing industry, latterly working with Waitrose. The more I learnt about plastic pollution the more I understood that consumers needed to change their relationship with plastic.
“I decided to use my experience to launch The Refillery to provide customers with a plastic free and ethical alternative on the high street. The loan from DSL provided funding for set-up costs and working capital and helped make The Refillery a reality.”
DSL also gave entrepreneur Margaret Morrison-Macleod, owner of health and beauty business, The Divine Hag, a loan of £18,000 to refurbish and move into new premises in Glasgow.
Ms Morrison-Macleod is a qualified surveyor but wanted to use her aromatherapy, massage and reiki skills to create a range of products for people with allergies. She began selling her natural, organic products, which now range from bath salts to menopause sprays and room fragrances, at craft and farmers’ markets and through small gift shops.
Margaret Morrison-Macleod said: “Without the funding from DSL I wouldn’t have been able to move into my new premises and grow the business.
“There is a demand for natural, organic beauty products and I can now expand my business to meet that need.”
DSL Business Finance executive director Stuart Yuill said: “We have worked with many female entrepreneurs across a diverse range of sectors and have been able to help them start-up and grow their businesses.
“I’ve read the reports that women can be reluctant to look for funding, but that hasn’t been our experience at DSL. We are committed to helping women with ambition achieve their business aims and are delighted to be able to offer funding that allows them to do so.”
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