Business across Scotland will be able to access more than £100 million to help them expand and unlock investment through the Scottish Growth Scheme.
Through a range of fund managers, Small to Medium Enterprises (SMEs) in Scotland can apply for financial support, which includes microfinance loans of up to £25,000 and equity investment in deals of up to £2 million.
Since its launch in 2017, the Scottish Growth Scheme has invested more than £100 million in over 80 companies.
Through this latest phase of the initiative, Scottish Enterprise will introduce a loans scheme ranging from £250,000 to £2 million – or up to £5 million for certain growth-focused SMEs.
Economy Secretary, Derek Mackay, commented: “This next phase of the Scottish Growth Scheme will unlock substantial investment for the most ambitious of new and existing businesses, helping them scale-up for the future.”
Mackay added: “Amid the uncertainty of Brexit, it’s important that the wider business community remains confident that access to finance should not hinder their ambition or growth.
“This direct investment will boost the economy and give even more companies access to vital capital.”
The next phase of the scheme will fund a number of commercially-based initiatives, utilising the resources of the European Regional Development Fund.
Part of this will include early-stage venture capital funds for young, innovative companies, providing equity investment of up to £2 million.
An infrastructure and private equity investment manager will also provide investment of up to £2 million as part of rounds of up to £10 million per company.