Falkirk firms offered cash grants to beat Brexit chaos

Economy secretary Derek Mackay.Economy secretary Derek Mackay.
Economy secretary Derek Mackay.
Falkirk firms will be amoing those able to access a national funds pot of more than £100million designed to boost business expansion in the aftermath of Brexit.

Small and Medium Enteprises (SMEs) will have the chance to apply for microfinance loands of up to £25,000 - or loan finance of up to £100,000 - besides equity investment in deals of up to £2 million.

The scheme is the latest phase of the Scottish Growth Intiative, which has already invested £106million in 82 companies since its launch last year.

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Scottish Enterprise has also introduced a loans scheme in the range £250,000 to £2 million, or up to £5 million in exceptional circumstances, for growth-focused SMEs with a viable business plan and a clear ability to repay the debt.

Economy Secretary Derek Mackay said: “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.

“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.

“This is both good for business and good for Scotland.”