New research has shown that the number of start-up businesses in the country is on the increase, with many new options for commercial finance in Scotland helping the rise. The figures have come courtesy of the Committee of Scottish Bankers (CSCB).
The CSCB has said that in the first quarter of the year, nearly 3,000 new businesses were created. The rise of 9.5 per cent on the last quarter of 2012 shows there is increased confidence in the economy.
Many of the new businesses were also introducing new funding strategies into the mix to help them. Rather than seek traditional bank loans for example, many were looking at factoring facilities. Many of Glasgow’s invoice factoring companies have seen growth over recent years thanks to the start-ups.
The news was tempered slightly, however, with the number of new Scottish businesses in the first quarter of 2013 down by nearly 32 per cent on last year’s levels.
It is still promising news though, particularly in support of the country’s improvement in the international league table for entrepreneurial activity, which was seen last week.
The data showed that businesses classified under the Real Estate, Renting and Other Business Activities sector added 682 new businesses in the quarter – the biggest increase. The next largest increase, of 532, was seen in the Recreational, Personal and Community Service Activities sector.
Wholesale and Retail Trade Repairs added 473 new businesses, with the Hotel and Restaurant sector adding 299 start-ups.
The figures were taken from new business account numbers aggregated from CSCB members Bank of Scotland, Clydesdale Bank, Lloyds TSB Scotland and RBS.