Glasgow printing tycoon’s donation sees launch of £100,000 business growth fund

A new loan fund open to small and medium-sized businesses in the west of Scotland has been launched by the Glasgow Chamber of Commerce.

The £100,000 loan fund for businesses has been enabled by a donation from retired printing entrepreneur John Watson.

Businesses can apply for loans of between £5,000 and £10,000 through the scheme aimed at supporting local enterprises targeting growth, through development of products, the growth of skills bases, or entry to new markets.

It will be administered by Glasgow-based DSL Business Finance.

Mr Watson, a previous winner of the Lifetime Achievement accolade at the Glasgow Business Awards, made about £15 million from the sale of his label-printing business to US giant Multi-Color Corporation.

The sale of John Watson & Company, which developed a focus on the Scotch whisky sector, was unveiled in 2013.

Glasgow Chamber noted businesses would receive expert advice as well as loans under the initiative, becoming members as part of the lending agreement.

Stuart Patrick, chief executive of Glasgow Chamber, said: “Glasgow is renowned for being a powerhouse of manufacturing, innovation and creativity, and this fund has been set up to give our SMEs (small and medium-sized enterprises) the opportunity to flourish and grow.”

He added: “Not only will this fund help our economy to thrive, it will also bring wider benefits to the city by ensuring businesses can realise their potential and achieve growth goals.”

Stuart Yuill, executive director of DSL Business Finance, added: “John Watson’s foresight and generosity will further encourage entrepreneurship, which is great news for the creation and sustainability of jobs in the city and neighbouring authorities.”