£100m finance boost for Scots businesses

BUSINESSES across Scotland will be able to access more than £100 million to help them expand, the Scottish Government has announced.

Through the Scottish Growth Scheme, the investment is aimed at helping small and medium enterprises (SMEs).

SMEs will have the chance to apply for financial support through a variety of appointed fund managers.

Funding options include microfinance loans of up to £25,000, debt or loan finance of up to £100,000, and equity investment in deals of up to £2m.

As part of the initiative, Scottish Enterprise has also introduced a loans scheme in the range from £250,000 to £2m, or up to £5m in exceptional circumstances, for growth-focused SMEs with a viable business plan and a clear ability to repay the debt.

Since launching in 2017, the Scottish Growth Scheme has invested £106m in 82 companies.

Economy Secretary Derek Mackay said: “This next phase of the Scottish Growth Scheme will unlock substantial investment for the most ambitious of new and existing businesses, helping them scale-up for the future.

“Amid the uncertainty of Brexit, it’s important that the wider business community remains confident that access to finance should not hinder their ambition or growth.

“This direct investment will boost the economy and give even more companies access to vital capital.

“This is both good for business and good for Scotland.”