The launch of this new £2 million Digital Development Loan is another affirmation of the Scottish Government’s commitment to driving forward Scotland’s digital economy. The fund will help companies to improve their digital capacity in areas such as cybersecurity, data analytics and software engineering. It will also be available to help develop the digital skills of their staff.
The loan will be introduced at 0% interest rates, meaning Scottish companies can take advantage of the fund now and repay it back over a period of years at no extra cost. With upfront funding, Scottish businesses will be able to cover the initial cost of business investment in technology and skills, and then spread the rest of the cost over three to five years.
The new fund is part of the Scottish Government’s digital strategy, which aims to promote and ensure Scotland has a bright digital future. Lanarkshire Enterprise Services Ltd (LESL), have been awarded the tender to deliver and manage the Digital Development Loan. LESL provides specialist business support for small to medium enterprises to help their businesses grow and succeed.
Keith Brown Economy Secretary said:
“We are committed to investing £36m to improve Scotland’s digital productivity and ensure we are ready to embrace the opportunities of a digitally driven economy in the future. The £2m Digital Development Loan is the first phase of that process and will provide access to finance for small and medium-sized businesses who want to improve their digital capabilities and the skillset of their staff.”
“The Scottish Government will continue to work with business to ensure companies across Scotland have the support they require to invest in their company, their staff and in their digital future.”
Liz McCutcheon Operations Manager at LESL said:
“We are delighted to have the opportunity to manage the Digital Development Loan on behalf of the Scottish Government. This loan will be a great asset to Scottish Businesses to help them increase their digital skills, invest in digital equipment and ultimately support the deployment of digitally enabled processes to boost the economy in Scotland.”