SCOTTISH GROWTH SCHEME (SGS) “Investing in Ambition”Gillian Black
The £500 million Scottish Growth Scheme, a Scottish Government initiative, provides a range of commercially focussed finance to help viable small and medium sized enterprises (SMEs) in Scotland to start-up, grow and scale up. A number of new funding options (microfinance, debt and equity) are now available under the Scheme for Scottish SMEs.
MICROFINANCE – Small business loans from the ‘Scottish Microfinance Fund’ under the Scottish Growth Scheme. Loans of up to £25,000 to help new businesses start up, or established businesses grow. Fund Manager:
- DSL Business Finance Ltd www.dsl-businessfinance.co.uk
DEBT FINANCE – Business loans £25,000 to £100,000 for early or more established businesses that can demonstrate growth and exporting potential. Fund Managers:
- Business Loans Scotland https://www.bls.scot
- BE Group Debt Finance Scotland www.begroupfinance.scot.
- Scottish Enterprise – £250k to £2m range (and up to £5m in exceptional circumstances)
EQUITY FINANCE – Equity funding (up to £2 million as part of rounds of up to £10m) from VC Fund Managers:
- Foresight Group
- Techstart Ventures https://www.techstart.vc/
Later stage equity funding (£2 million to £10 million):
Scottish-European Growth Co-investment Programme delivered by Scottish Enterprise through the Scottish Investment Bank, in partnership with the European Investment Fund.
The Scottish Growth Scheme funding options can help you establish or grow your business in a number of ways, for example by:
- Providing funding to get your business started
- Funding innovation and expansion projects
- Purchasing new machinery or equipment
- Leasing new commercial premises
- Expanding into overseas markets
HOW TO APPLY?
- Make an enquiry direct to any of the Fund Managers listed above
- The Fund Managers will contact you to see if your business qualifies
- You make a formal application
- The Fund Manager evaluates your application and makes the investment decision
Businesses in a variety of sectors (such as software development, textiles, energy, multimedia, fintech and healthcare) have already been supported under the Scottish Growth Scheme. Advice and support for SME’s seeking to access finance is available from Business Gateway.