A worker is seen inspecting a whisky cask. (Photo by Peter Summers/Getty Images)

At its core, the process of lending money to businesses isn’t particularly complex. Banks and other lenders price loans based on the risk of lending, calculated by assessing a company’s assets, liabilities and cash flow.

But how do you price the risk of a business that requires a substantial upfront investment, won’t see a return for at least three years at the minimum or 40 in some cases, works in a highly regulated and competitive sector and loses two per cent of its product a year to the ‘angels’?

The Scotch whisky industry

Enter the whisky industry. While the Scotch whisky industry now contributes £7.1bn to the UK economy and supports more than 66,000 jobs, lenders are still reluctant to support

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