Growth fund offers £200m opportunity to businesses

Businesses looking for significant investment can claim a share of a £200million funding pot through a new scheme launched by the Scottish Government yesterday.

The Scottish-European Growth Co-investment Programme (SEGCP) is the first part of the Scottish Growth Scheme (SGS), a £500million, governmentbacked financial package aimed at helping companies to grow.

SEGCP’s cash reserve is made up of an initial £50million from economic development quango Scottish Enterprise (SE) and £50million from the European Investment Fund (EIF).

But the size of the kitty is expected to at least double as the programme becomes a catalyst for an estimated £100million plus from European fund managers looking to invest in Scottish businesses.

Successful companies will benefit from advice and support from the Scottish Investment Bank (SIB), the investment arm of SE, which will help them to secure further investment.

Finance Secretary Derek Mackay said: “The foundations of Scotland’s economy remain strong, however, we will continue to do all we can to invest further in our economy and stimulate growth.

“The Scottish Growth Scheme will be a half-billion-pound boost to support businesses and jobs.

“This new, multimillionpound programme, the first under the Scottish Growth Scheme, is specifically