The Chancellor is expected to announce a £150m fund to help thousands of small and medium-sized enterprises (SMEs) in Scotland at this week’s budget.
The fund will be delivered through the British Business Bank, working with local partners, to help Scottish SMEs to invest and grow.
Similar funds in England and Northern Ireland typically provide loans or invest in local companies – this can be recent start-ups looking to borrow smaller amounts to kickstart activity, or established SMEs looking for larger investments to grow their business.
Details on how businesses in Scotland can access the fund will be outlined in due course.
Rishi Sunak said: “This fund will help thousands of small businesses in Scotland to make ideas a reality and grow their companies.
“I’m always impressed by the innovation and determination of SMEs and the UK government will continue to support businesses across the UK.”
Since the start of the pandemic, the UK Government claims to have spent £352bn across the UK on support measures.
In Scotland this included protecting more than 900,000 jobs through the furlough scheme, £294m in self-employment support, help for businesses and the procurement of vaccines.
In addition to the £150m for Scotland, Wales will get a £130m for a new fund and the British Business Bank will receive an additional £70m to build on existing programmes in Northern Ireland.
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