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£60m growth fund for Scottish small businesses
Small businesses in Scotland are to share a £60 million expansion fund to target growth through innovation and investment.
The funding includes £24.4 million from the European Regional Development Fund (ERDF), with the remaining funds coming from local business gateways, Scottish Enterprise and Highlands and Islands Enterprise. Small and medium-sized enterprises (SMEs) currently account for 95 per cent of businesses in Scotland.
Keith Brown, Economy Secretary, said: “This is a fantastic opportunity to support our SMEs - the engine of the Scottish economy. The investment will benefit more than 20,000 enterprises, with the aim of identifying and developing our next 1,000 growth businesses. Business Gateway support alone is forecast to create 11,000 jobs.”
Councillor Stephen Hagan, spokesperson for Development, Economy and Sustainability, at Convention of Scottish Local Authorities (COSLA), added: "This additional funding will be a huge boost to Scotland’s SME community and will allow us to build on a successful year that saw Business Gateway and its partners provide strategic support to thousands of growth businesses throughout Scotland."
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