European money to help grow Scottish SMEs

Greenock and Inverclyde MSP Stuart McMillan has welcomed the news that small and medium sized enterprises will receive European Regional Development Fund investment worth £40 million to help transform their innovative ideas into economic success stories.

The funding, which will be allocated through the Scottish Government’s new SME Holding Fund, will give companies access to microcredit finance of up to £25,000, loans of up to £100,000 and equity investment of up to £2 million.

The investment will also support a trade body aimed at encouraging investment in young, innovative Scottish companies.

The Holding Fund’s £40 million will be matched by an additional £60 million from public and private sector delivery partners, alongside private sector funding of £150 million so that at least £250 million is invested in 500 companies by December 2018, creating 2,000 jobs.

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Commenting, Stuart McMillan MSP said:

“Small to medium sized enterprises represent 95% of businesses. It’s crucial that we do all we can to help them thrive so we can boost economic growth – our Small Business Bonus has already delivered more than £1 billion in savings for the sector.

“Small businesses are the lifeblood of our economy, supporting jobs and growth in our communities, as well as providing an invaluable service to people across Inverclyde. There are over 1,600 small enterprises across Inverclyde. The SME Holding Fund represents a great opportunity for business people in Inverclyde seeking to get their ideas off the ground.

 “The £40 million investment will benefit a broad range of businesses and is projected to create 2,000 jobs. It is yet another example of exactly why maintaining Scotland’s relationship with the EU is so important as set out in our document – Scotland’s Place in Europe – on Tuesday.

“It outlines our determination to keep Scotland’s place in the European Single Market, which delivers so many social, economic and cultural benefits for individuals, businesses and communities and is the best way of guaranteeing jobs, investment, services and projects across the country.”

 

Notes:

More information on the European Regional Development Fund is available at: http://www.gov.scot/Topics/Business-Industry/support/17404

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