The Press and Journal (Inverness, Highlands, and Islands)
Scottish SMEs get £100m funding to help expand
Growth: Firms can now apply for support from variety of business options
Businesses across Scotland will be able to access more than £100 million to help them expand, the Scottish Government has announced.
Delivered through the Scottish Growth Scheme, the funding is aimed at helping small and medium enterprises (SMEs).
SMEs will have the opportunity to apply for financial support through a variety of appointed fund managers.
“It’s important business remains confident that access to finance should not hinder their ambition”
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 (SE) has also introduced a loans scheme for sums ranging from £250,000 to £2m or up to £5m in exceptional circumstances, for growthfocused 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.”
A three-year programme, the Scottish Growth Scheme aims to invest a total of more than £500m in businesses.