Funding Streams To Support Businesses In Fife

Whether you are looking for an initial small business grant or capital investment, there are a range of public sector funding streams open to entrepreneurs, start-ups and SMEs. Business grants range from smaller sums to support start-up and growth, to much larger, sometimes six-figure sums, to finance growth projects that safeguard and create  new jobs in Fife. 

In Fife, Business Gateway Fife (BGF) delivers various grants on behalf of Fife Council Economic Development, including the Market Development Grant, which helps businesses participate or visit exhibitions in a wide range of industry sectors. Or, for those small businesses looking to invest and grow their business and can demonstrate sales growth and increased employability, funding is available through the Fife Investment Fund. A combination of grants and repayable grants can be sought to invest in plant and machinery; property improvements; product development;  market development and training. 

For younger entrepreneurs with the drive and ambition to start-up in business, The Prince’s Trust Enterprise Programme can offer loans of up to £7500 and grants of up to £1000, along with essential funding and professional mentoring.

Scottish Enterprise’s Regional Selective Assistance (RSA) and SMART:Scotland grants support SME growth. RSA is a discretionary grant that assists business projects that create and safeguard jobs in Scotland (depending on the location of the project and the size of the business), whilst SMART:Scotland provides grants to SMEs to undertake technical feasibility studies and research and development projects, which have a commercial endpoint.

And, for those businesses committed to the green agenda, the Resource Efficient Scotland Loan Scheme, a Scottish Government initiative, can help with a financial contribution towards your energy saving equipment.

Finance is accessible too. DSL Business Finance, a not-for-profit business lender, delivers the Scottish Microfinance Fund. This provides loans of up to £25,000 to new and existing businesses with fewer than ten employees as well as to individuals looking to start up or who have been trading for less than 24 months.

DSL Business Finance also has a Loan Fund, which can provide loans of up to £50,000 and can be used as match funding for a loan from Business Loans Scotland, the recently launched business loan scheme.

The Scottish Investment Bank can also, through its suite of investment funds, support the development of early stage and established businesses with growth and export potential, with access to growth capital. 

Robin Presswood, Head of Economy, Planning and Employability Services at Fife Council, said: “Accessing funding can be daunting for businesses, but there is a plethora of support available to new and growing businesses in Fife. From Government backed grants and loans, to start-up finance, there are also mainstream banks, specialised banks, invoice finance providers, as well as venture capitalists and business angels, which subject to eligibility criteria, have lending facilities.

“By accessing some of these funds, loans and finance options, businesses have and will continue to reap the benefits of bridging a funding gap, helping them to grow and develop, whilst supporting the Fife economy.” 

If you would like to find out how Business Gateway Fife can support your business, please contact us on 01592 858333 or email success@bgfife.co.uk