£500 million fund to help Scottish businesses

First Minister of Scotland, Nicola Sturgeon, has revealed plans for a £500 million fund to help Scotland’s businesses over the next year.

The Scottish Growth Scheme package is designed to help the country’s small and medium-sized businesses to grow.

Challenge

According to Sturgeon, £4 billion will be spent on infrastructure over the next year, along with the £500 million growth package.

Through the scheme, investment guarantees and loans of up to £5 million will be provided to enable small and medium-sized businesses to grow.

The scheme will also include support from the Scottish Government for businesses when they make big investment decisions.

Discussing the scheme with MSPs at Holyrood, Sturgeon described it as an “exceptional response to an exceptional economic challenge.”

She also stated that the fund is a “half-billion pound vote of confidence in Scottish business, Scottish workers and the Scottish economy.”

Mission

Commenting on the UK’s decision to leave the EU, Sturgeon said that Holyrood is operating a “new political, economic and constitutional context” and that the Government will adapt to the changes.  

The Government has already taken steps to help small businesses after the EU referendum vote by launching its “Your business and the EU referendum” hub after the Federation of Small Businesses (FSB) called for more support to be provided.

In addition to supporting small businesses, Sturgeon has also said that focus will be placed on education, calling it the Scottish Government’s “defining mission.”