MSP George backing plans for national investment bank

Inclusive growth across Renfrewshire could be transformed by SNP plans to establish a Scottish National Investment bank, claims MSP for Paisley, George Adam.

Finance Secretary Derek Mackay MSP announced plans for an initial investment in the bank of £130 million as part of his draft budget proposals for 2019/20, last month.

The national investment bank will aim to begin investing in Scottish businesses and communities from 2020 - with an investment of at least £2 billion in its first ten years, subject to regulatory and legislative approval.

Loans of up to £10 million will be provided by the bank for small to medium sized local enterprises with high growth potential.

MSPs are set to vote on the Scottish Government’s budget proposals at Holyrood next month.

Paisley MSP George Adam said:“A national investment bank has enormous potential to transform communities here in Paisley and across Scotland. Operating within a core set of principles, the bank will deliver sustainable growth – with both individuals and small local businesses set to benefit.

“Small businesses are the backbone of our economy in Paisley so it’s very exciting that we are one step closer to providing historic investment for projects.

“I would urge MSPs of all parties to get behind the plans.”

Scottish Council for Development and Industry’s director of policy and public affairs, Matt Lancashire, said: “We welcome announcement of £130 million to support the creation of the Scottish National Investment Bank.

“We also welcome the decision not to progress the out of town business rates levy and additional support for our struggling town centres to help them adapt in light of continued change.”