Scottish Growth Scheme
16 June 2017
First package of new
support for business growth
Companies looking for significant investment will now be able to
access an additional £200 million through the Scottish-European
Growth Co-investment Programme.
The Programme is the first part of the Scottish Growth Scheme, a
£500 million financial package backed by the Scottish Government,
to help businesses thrive and grow.
Made up of £50 million from Scottish Enterprise and £50 million
from the European Investment Fund (EIF), the Programme is expected
to lever over £100 million from fund managers across Europe for
investment in Scottish companies.
With advice and support from the Scottish Investment Bank,
companies will be able to seek investment from EIF accredited fund
managers. Successful companies will receive their investment from
the fund managers, Scottish Enterprise and the EIF.
Finance Secretary Derek Mackay said:
"The foundations of Scotland's economy remain strong, however we
will continue to do all we can to invest further in our economy and
stimulate growth. The Scottish Growth Scheme will be a
half-billion pound boost to support businesses and jobs at a time
when the UK Government stance on Brexit continues to present a huge
threat to jobs and prosperity in Scotland.
"This new multi-million pound programme, the first under the
Scottish Growth Scheme, is specifically designed for companies
seeking large equity investment to support their growth
plans. The new programme will open up a new pool of potential
investors from across Europe. We want our businesses to be
able to expand and create more job opportunities and the new
programme will provide considerable investment."
Kerry Sharp, director of the Scottish Investment Bank, said:
"Today's announcement is great news for Scottish companies with
ambition for scale. This new Programme will allow us to
engage with even more international investors and attract larger
amounts of investment into Scottish companies.
EIF Chief Executive Pier Luigi Gilibert said:
"I am delighted to be announcing this new agreement for Scottish
businesses. The Scottish-European Growth Co-investment Programme is
a joint Scottish Enterprise and EIF initiative supporting Scottish
SMEs and attracting international private equity investment to
Scotland. Via co-investment funding and equity investment funds
supported by EIF, businesses will be able to access GBP 100 million
of new finance, helping to create jobs and growth in Scotland."
Mr Mackay made the announcement on a visit to CelluComp, an
industrial technology company that has developed a material called
Curran, a cellulose non-fibre extracted from root vegetables which
is used as an additive in a number of markets including paints and
CEO Christian Kemp-Griffin said:
"We are very pleased to be hosting the announcement for the new
Co-investment Programme between the European Investment Fund and
Scottish Enterprise in our facilities at Glenrothes. Our company
has been able to grow to this point with the assistance of support
mechanisms such as a European Eco Innovation grant (EcoADD) as well
as various Scottish Enterprise grants and investments. We recognise
that in order to take new and innovative products to market
requires adequate financial commitments and support. It is
precisely these strong initiatives between European and
Scottish-based funds, along with the private sector, that will
allow companies such as ours to prosper in the future."
Companies looking to secure this investment or explore the
option, should in the first instance approach the Scottish
Investment Bank for advice and support.
For further details: https://beta.gov.scot/policies/supporting-business/finance/
The Scottish Investment Bank is the investment arm of Scottish
Enterprise. They operate across Scotland in partnership with
Highlands and Islands Enterprise.
SIB aims to increase the supply of finance, and to help more
Scottish SMEs with growth and export potential access it.
The aim of the Scottish Growth Scheme is to unlock
additional investment in the economy by boosting finance available
to companies seeking to grow and expand their business.
Further investment through the Scottish Growth Scheme will be
announced in due course.
Source - The Scottish Government website