£100m fi­nance boost for Scots busi­nesses

The Herald on Sunday - - VOICES -

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.”

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