The Scottish Growth Scheme is a package of financial support of up to £500 million for Scottish businesses. It's backed by the Scottish Government and aims to help businesses grow.
This funding will be provided through a series of initiatives which businesses can access for investment.
The following initiatives are currently open for applications:
Loans and equity finance from fund managers
Small and Medium Enterprises (SMEs) in Scotland can apply for:
- microfinance loans of up to £25,000
- debt or loan finance of up to £100,000
- equity finance of up to £2 million
This funding comes from the Scottish Government and the European Regional Development Fund.
Businesses can apply to the following fund managers:
DSL Business Finance Limited
DSL Business Finance Limited are a not-for-profit microfinance lender in Glasgow. You can apply to them for loans of up to £25,000.
UMi Debt Finance Scotland Ltd
UMi Debt Finance Scotland are an employee-owned business in Edinburgh. You can apply to them for loans of £25,000 to £100,000.
Business Loans Scotland
Business Loans Scotland is made up of a collection of local councils. You can apply to them for loans of £25,000 to £100,000.
This funding is made available in stages. At each stage you can apply for up to £2 million at a time.
Scottish Loan Scheme
Through the Scottish Loan Scheme, Scottish Enterprise offer loans to businesses looking to grow.
Business can apply to the Scottish Loan Scheme for loans of between £250,000 and £2 million. In some circumstances, they might be able to apply for up to £5 million.
To apply, businesses must:
- have a business plan
- be able to show how they'll repay their loan
- be least 2 years old
- have a minimum turnover of £250,000
- be profitable, or expect to make a profit in the next 12 months
- have headquarters in Scotland, be operating in Scotland, or looking to locate to Scotland
- have tried to get other funding but were unsuccessful
- show how the funding they need will have an equal level of economic impact in Scotland
- show that they use fair work practices, such as the living wage, and do not use zero hours contracts
You can find more information on the Scottish Enterprise website