Businesses will be able to access more than £100m to help them expand and unlock investment through the next phase of the Scottish Growth Scheme.
Through a variety of appointed fund managers, 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 £2m.
As part of this phase 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.”
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
BE Group Debt Finance Scotland provides loan capital between £25,000 and £100,000 to new and existing SMEs across Scotland. The £12m fund, which is part funded by the EU, aims to enable Scottish businesses to thrive and boost the Scottish economy.
For more information visit: https://www.begroupfinance.scot/
Our BQ Bulletin emails will land in your inbox at 7.30am, Monday to Friday, with a mix of the latest local business news, national news, and features to inspire you. Sign up here!
Click here to read our privacy statement