Businesses will be able to access more than £100 million to help them expand and unlock investment through the next phase of the Scottish Growth Scheme.
Through a variety of appointed fund managers, Small and Medium Enterprises (SMEs) across Scotland will have the chance to apply for financial support, which includes microfinance loans of up to £25,000, debt or loan finance of up to £100,000, and equity investment in deals of up to £2 million.
As part of this phase of the initiative, Scottish Enterprise has also introduced a loans scheme in the range from £250,000 to £2 million, or up to £5 million 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 £106 million 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.”
The next phase of the Scottish Growth Scheme will fund a number of commercially-based initiatives. This will be done alongside the European Commission and will utilise European Regional Development Fund resources to give SMEs access to increased funding and greater choice to finance their growth ambitions.
The appointed five fund managers will disperse Scottish Government resources matched with European Regional Development Fund to SMEs.
The five fund managers are:
Further information can be found here: mygov.scot