Businesses will be able to access more than £100 million through the Scottish Growth Scheme to help them expand and grow.
Applications for financial support - ranging from microfinance loans of up to £25,000 available via DSL Business Finance Ltd; debt or loan finance of up to £100,000 available via Business Loans Scotland; and equity investment in deals of up to £2 million from venture capitalist groups, including Foresight Group - can be made by SMEs. Scottish Enterprise has also introduced a loans scheme in the range from £250,000 to £2 million, for growth-focused SMEs with a viable business plan and a clear ability to repay the debt.
The Scottish Growth Scheme funding options can help establish or grow a business in a number of ways, for example, by providing funding to get a business started; by funding innovation and expansion projects; purchasing new machinery or equipment; for leasing new commercial premises; as well as supporting a business’ expansion into overseas markets.
Under the Scottish Growth Scheme, some £106 million in equity funding has already been invested in a range of 82 innovative, technology-based companies over the period October 2016-2017.