The Chancellor is expected to announce a new, £150 million fund to help thousands of small and medium sized enterprises in Scotland in tomorrow’s budget – building on the Government’s commitment to level up opportunities across the UK.
The fund will be delivered through the British Business Bank, working closely with local partners, and will help Scottish SMEs to invest and grow. It will build on the success of existing funds in other parts of the UK, which have been shown to support the creation of high-paying high productivity jobs and the upskilling of existing workforces.
Similar existing funds in England and Northern Ireland typically provide loans or invest in local companies – this can be recent start-ups looking to borrow smaller amounts to kickstart activity or established SMEs looking for larger investments to grow their business. Details on how businesses in Scotland can access the fund will be outlined in due course.
Chancellor Rishi Sunak said: “This fund will help thousands of small businesses in Scotland to make ideas a reality and grow their companies . I’m always impressed by the innovation and determination of SMEs and the UK government will continue to support businesses across the UK.”
Since the start of the pandemic the UK Government has spent £352 billion right across the UK on support measures. In Scotland this included protecting more than 900,000 jobs through the furlough scheme, £294 million in self-employment support, help for businesses and the procurement of vaccines.
In addition to the £150 million for Scotland, Wales will benefit from £130 million for a new fund and the British Business Bank will receive an additional £70 million to build on existing programmes in Northern Ireland.
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