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October 25 ,2016 | by Hari Sri

£60 million fund to help Scottish businesses grow

Scottish businesses grow

A £60 million fund to help businesses in Scotland to grow and boost the country’s economy has been unveiled.

The fund, which will come from the European Regional Development Fund, will benefit over 20,000 businesses and help to create thousands of jobs. 

Grow

According to Economy Secretary Keith Brown, smaller companies in Scotland account for around 1 million jobs in the country, and the investment from the European Regional Development Fund will enable SMEs to have access to the help that they need in order for them to grow.

Companies are now warning that the money must be easy for them to access as concerns grow over a lack of coordination between the Scottish Government and enterprise agencies.

The announcement of the fund comes after it was found earlier this month that Scotland’s economy is growing at a slower rate than that of the wider UK, resulting in calls for the country’s GDP to be boosted.

Opportunity

Brown described it as “a fantastic opportunity to support our SMEs – the engine of the Scottish economy.”

He added that the scheme will help to benefit 20,000 enterprises, with the aim of identifying and developing Scotland’s next 1,000 growth businesses, and that Business Gateway support alone is predicted to create 11,000 jobs.

“This investment shows exactly why the best way to guarantee jobs, investment, services and projects across the country, is by maintaining Scotland’s relationship with the EU,” he said. 

Hari Sri

Hari is the LSBF Blog's News Editor. He manages the editorial content on the blog and writes about current affairs, SME, entrepreneurship, energy, education and emerging market news.

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