SE to dispense £140m ahead of new grant scheme
Fiona Hyslop: rebuilding the economy (pic: Terry Murden)
Scottish Enterprise is to allocate £140 million of grants to 160 company projects ahead of introducing a new support mechanism.
Together, it says these projects have the potential to unlock up to £500m of investment by businesses creating or safeguarding more than 9,000 jobs.
SE will contribute to these projects over the next three years. The bulk of the awards will be made to domestic Scottish businesses, with the rest securing inward investment.
The organisation has already approved large grant support for around 90 projects this financial year, with large grant expenditure expected to top £60m by the end of March.
This is in addition to the £180m SE has administered to almost 4,000 companies as part of the Scottish Government’s £2.3bn package of Covid-19 business support.
The new projects now being appraised cover industries including renewables, technology, engineering, manufacturing and life sciences.
They will be among the last to be evaluated under SE’s current large grant schemes. The organisation is seeking to develop a simplified approach to grants to roll out early next year.
Economy Secretary Fiona Hyslop said: “This grant support for Scottish businesses and inward investors will help rebuild the economy after the damage caused by Covid-19.
“This funding will support our growth companies and give them the potential to prosper.
“This is a key part of our long-term mission to create new jobs, good jobs and green jobs.”
Linda Hanna, interim chief executive at Scottish Enterprise said: “We’ve been working with partners to address the immediate economic impact of Covid-19 while preparing to help businesses recover and rebuild.
“Demand for our large grant products has grown to unprecedented levels.”