Businesses to share £60m investment fund proceeds

More than 20,000 businesses are to share a £60 million investment which includes EU money, the Scottish Government has announced.

The support from the European Regional Development Fund (ERDF) will help small and medium-sized enterprises (SMEs) access the help they need to expand.

The funding, which includes £24.4 million of ERDF awards as well as money from local business gateways, Scottish Enterprise and Highlands and Islands Enterprise, will target growth through innovation and investment.

Economy secretary Keith Brown said: “This is a fantastic opportunity to support our SMEs – the engine of the Scottish economy. The investment will benefit more than 20,000 enterprises, with the aim of identifying and developing our next 1,000 growth businesses. Business Gateway support alone is forecast to create 11,000 jobs.

“This investment shows exactly why the best way to guarantee jobs, investment, services and projects across the country is by maintaining Scotland’s relationship with the EU. Membership delivers many social, economic and cultural benefits for individuals, businesses and communities, so maintaining our EU membership is a top priority.”

Stephen Hagan, council body Cosla’s economy spokesman, said: “This additional funding will be a huge boost to Scotland’s SME community and will allow us to build on a successful year that saw Business Gateway and its partners provide strategic support to thousands of growth businesses throughout Scotland.

“It is extremely important that we keep this momentum going in the coming months and years and there is no doubt this additional funding will play a key role in making this happen.”