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Additional £100 million investment for Scottish businesses

Businesses in Scotland will be able to access over £100 million to help them grow and unlock investment through the upcoming phase of the Scottish Growth Scheme (SGS), the Scottish Government has announced.

Small and Medium Enterprises (SMEs) across Scotland will have the opportunity to apply for financial support through five appointed fund managers. The funding options include microfinance loans (up to £25,000), debt or loan finance (up to £100,000), and equity investment in deals (up to £2 million).

In order to apply for an SME loan, businesses will need both a business plan and the ability to show that they can repay the debt.

What is the Scottish Growth Scheme?

The SGS is a £500 million package of financial support for Scottish businesses in the hope to help their businesses expand. The scheme has invested £106 million into 82 companies since its launch in 2017.

The next phase of the SGS will fund a variety of commercially-based initiatives. This will be done alongside the European Commission and will utilise European Regional Development Fund resources to give SMEs the opportunity to access increased funding as well as a greater choice to finance their hopes for growth.

Derek Mackay, Economy Secretary, stated:

“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.”

Contact our Commercial Law Solicitors, Glasgow

For expert legal guidance about commercial law in Glasgow and across Scotland, get in touch with one of our specialist business lawyers today via the online contact form. 

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