As a small business owner in the UK, it can often be challenging to access the necessary resources and funding to help your company grow and succeed. However, if you’re a business located in Scotland, there are numerous government grants available to support you on your journey to success. In this article, we’ll provide you with a comprehensive list of Scottish business grants that could help your company thrive.
Firstly, it’s essential to understand what a government grant is and how it can benefit your business. A government grant is a sum of money given by the government to a business or individual for a specific purpose. Unlike loans, grants do not need to be repaid, making them an attractive option for small businesses looking for financial support. Grants can help businesses with a range of expenses, such as research and development, training, and expansion plans.
One of the most significant advantages of government grants is that they are available to a wide range of businesses, including start-ups, SMEs, and large corporations. This means that no matter the size or stage of your business, there could be a grant available to help you achieve your goals. With that in mind, let’s take a look at the various Scottish business grants you can apply for.
1) The Scottish Growth Scheme
The Scottish Growth Scheme is a £500 million package of financial support offered by the Scottish Government. The scheme aims to provide businesses with the necessary funding to support their growth and expansion plans. There are two main components of the scheme: the Scottish Loan Scheme and the Scottish Growth Equity Fund.
The Scottish Loan Scheme provides loans of up to £100,000 to SMEs, while the Scottish Growth Equity Fund offers equity investment of up to £5 million for businesses looking to scale up. Both options can provide your business with the necessary capital to invest in new equipment, staff training, marketing, and other essential areas.
2) Scottish Enterprise Grants
Scottish Enterprise is Scotland’s national economic development agency, responsible for supporting businesses and driving economic growth in the country. They offer various grants and funding options to businesses, including the Regional Selective Assistance (RSA) grant.
The RSA grant is available to businesses looking to invest and create new jobs in Scotland. It can provide up to 20% of eligible project costs, with a maximum of £7,500 per job created. This grant can help businesses with a wide range of projects, such as purchasing new equipment, developing new products, and expanding into new markets.
3) Innovate UK Grants
Innovate UK is the UK’s innovation agency, offering funding and support to businesses that are developing new and innovative ideas. They offer several grant programs that are available to businesses in Scotland, such as the Smart Grants and the Knowledge Transfer Partnership (KTP).
The Smart Grants provide funding for SMEs to conduct research and development projects, while the KTP scheme helps businesses collaborate with universities and research organizations to develop new products and services. Both of these grants can provide your business with the necessary resources to innovate and stay ahead of the competition.
4) Scottish EDGE Fund
The Scottish EDGE Fund is a competition that offers grants of up to £100,000 to new and growing businesses in Scotland. The fund aims to support innovative and ambitious businesses that have the potential to scale up and make a significant impact on the Scottish economy.
To qualify for this grant, your business must be less than five years old, have a turnover of less than £100,000, and be able to demonstrate growth potential. The Scottish EDGE Fund is an excellent opportunity for new and emerging businesses to secure funding and receive valuable support and mentorship.
5) Scottish Investment Bank Grants
The Scottish Investment Bank (SIB) is a division of Scottish Enterprise that provides funding and support to businesses in Scotland. They offer various grants and funding options, such as the Co-Investment Fund and the Scottish-European Growth Co-Investment Programme.
The Co-Investment Fund can provide up to £1 million in funding to high-growth businesses, while the Scottish-European Growth Co-Investment Programme offers equity investment of up to £2 million to businesses looking to expand into European markets. These grants can help businesses access the necessary capital to drive growth and achieve their international ambitions.
In conclusion, as a small business owner in Scotland, there are numerous government grants available to support your growth and development. From loans and equity investment to research and development grants, these funding options can provide your business with the necessary resources to succeed. We encourage
