First Minister Nicola Sturgeon has recently set out her new Programme for Government, which contains plans to support businesses and increase economic growth, including a new £500 million package of financial support for private sector business investment.

The three-year Scottish Growth Scheme will see the Scottish Government unlock investment for the private sector, which is facing increased uncertainty as a result of Brexit. Individual investment guarantees, and some loans, of up to £5 million will be available to small and medium sized firms that would otherwise be unable to grow because of a lack of investment finance.

The scheme will be open to new and early-stage high growth potential companies, with clear export growth plans, particularly in technology-intensive sectors and businesses in emerging markets, such as financial technology. As financial guarantees, the support will not come from existing spending plans, and will instead see the Scottish Government share some of the risk faced by small companies when they make big investment decisions.

The First Minister also announced steps to deliver on the Government’s commitment to 100% superfast broadband and establish a National Manufacturing Institute for Scotland. She also confirmed £290 million worth of European Structural Funds projects to support Scotland’s people, communities and businesses. With partner funding, this will apparently deliver a total investment of £650 million.

“This is a half-billion pound vote of confidence in Scottish business, Scottish workers and the Scottish economy,” commented Nicola Sturgeon. “We are determined to build an economy where everyone has a fair chance to contribute to growth, and where everyone can share in the benefits of growth."

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