Financial incentives

Growing and developing your business may require financial support.

Crowd Funding

Although crowdfunding has been operational for some time in the USA and the UK, the creation of a new Scottish crowdfunding platform is an exciting new development in sourcing finance for SME’s.

Individuals, businesses, charities and community groups are now able to bring their projects or businesses to a wider audience via the internet and request financial support.

Bloom Venture Catalyst, the brainchild of two Scottish female entrepreneurs, has been launched and offers access to funds and help to define the project to ensure its optimum chances of gaining support. The projects are listed for between 30 to 60 days depending on the wishes of the project owner.

For more information visit www.bloomvc.com

 

Business Loans Scotland

Business Loans Scotland is a consortium of Scotland’s 32 local authorities, providing loan finance up to £100,000 to new and growing small and medium sized businesses (SMEs) across Scotland.

For more information and to apply online visit www.bls.scot

 

BE Group Debt Finance Scotland

BE Group Debt Finance Scotland provides loan capital to new and existing, small and medium sized businesses across Scotland.

 

The £12m fund, which is part funded by the EU, helps accelerate the growth of businesses in Scotland, complementing other private and public sector forms of funding. Our mission is to enable businesses in Scotland to grow and thrive and to boost the Scottish economy. To find out more information click here.

Click here


Scottish Growth Scheme

Seeking opportunities to grow innovative businesses of scale with exporting potential and global ambitions, to unlock investment for viable companies, delivering ‎ benefits to businesses and the wider economy.

Scottish Government want to see Scotland foster a much broader range of young growth-oriented SMEs, with companies readily accessing the investment they need to fund grow and achieve their exporting and other ambitions.

Introduced the £500m Scottish Growth Scheme, addressing market failure, targeting SMEs with growth and export potential. In particular those that are technology intensive and at the pre-revenue stage that would not normally obtain finance through conventional means.

On scale, under the Scottish Growth Scheme, some £106 million in equity funding has already been invested in a range of 82 innovative, technology based companies over the period October 2016 - 2017.

Scottish Growth Scheme is now providing a range of financial funding for SMEs including:

· microfinance (up to £25k);

· debt (£25-100k, and £250k -£2m);

· equity (up to £2m, and £2m-£10m).

These funding options can help in a number of ways, for example by:

· Providing funding to get your business started

· Funding innovation and expansion projects

· Purchasing new machinery or equipment

· Leasing new commercial premises

· Expanding into overseas markets.

Within some of the funding options, there is more than one fund manager thus giving SMEs greater choice. If you wish to explore the financing available, you should contact the relevant appointed Fund Manager direct.

Bear in mind that finance is not automatic: be prepared to justify your business case and provide the necessary evidence that your plans are achievable and likely to grow your business.

 

Financial Support To Businesses

This Fife Council support can help with funding to encourage small companies in Fife to invest and grow their business and can help in the following areas – plant and machinery, property improvements, product development, process improvement, training and market development.

Your company may be eligible for assistance if you employ up to 50 people in manufacturing, business to business services or tourism. Your development plan must show that the investment will bring an economic benefit to Fife by way of increased employment and/or turnover.

Contact an adviser on 01592 858333 to discuss your situation.

 

Fife Market Development Programme

Fife Council provides a range of services and practical assistance to help businesses develop existing and new markets. We can help you exploit the business opportunities that arise from participating in trade exhibitions, learning journeys or trade missions.

Market development support is available for Fife companies who want to attend exhibitions. For information contact Dot Smith 03451 555555 ext 492175 or email Dorothy.Smith@fife.gov.uk

 

DSL Business Finance

If you are a small business located in Central Scotland you can apply for a loan of £50,000 from DSL Business Finance, the not-for-profit business lender. DSL specialises in start-up and gap finance for small firms, charities and social enterprises which are unable to get funding from banks. DSL is an ethical lender; any profit it makes is ploughed back into providing loans for small firms rather than distributing to shareholders or paying staff bonuses.

Using a Government scheme called The Enterprise Finance Guarantee, DSL can lend to firms even if they have no security or have been turned down by the banks. This fund has been in existence for many years, and is often used as part of a funding package for a business as the "makeweight" in a commercial transaction where other lenders are also supporting the proposal, but the risk is shared betwen them and DSL.

For more information visit www.dsl-businessfinance.co.uk

 

The Scottish Microfinance Fund

The Scottish Microfinance Fund (SMF) is managed by DSL Business Finance Ltd (DSL), a not-for-profit lender, with the support of UK Government through the Start-up Loans Company (SULCo) and the European Regional Development Fund (ERDF) to provide loans of up to £25,000 to businesses in Scotland.

The SMF is available to both new and established businesses, with a prime objective of supporting enterprise in Scotland.

 

Regional Selective Assistance

The Scottish Government can provide financial assistance to new and existing businesses in Scotland. Following a review of their grant scheme structure in 2007, they can now offer direct financial support through our Investment and Innovation Grants which could help develop your business. To find out more visit the Regional Selective Assistance homepage.

For more information on how to apply contact Business Gateway Fife on 01592 858333 or email success@bgfife.co.uk

 

Research and Development Grants

Small, medium and large enterprises may receive funding for research and development, even if the innovation is new only to your business. The product need not be innovative within a national context.

Find out more about research and development grants on the Scottish Enterprise website

 

SMART: Scotland

If your innovation represents a significant technological advance within your industry sector, then you may qualify for a Scottish Government SMART:SCOTLAND grant. Funding is available for small to medium sized enterprises (SMEs) which have:

  • Less than 250 employees
  • An annual turnover of less than EUR 50 million; and/or
  • An annual balance sheet total of less than EUR 43 million

For more information visit www.scottish-enterprise.com

 

Start Up Loan For New Business

A Start Up Loan is a government-backed personal loan available to individuals looking to start or grow a business in the UK.

With a fixed interest rate of just 6% per annum and the ability to borrow between £500 and £25,000, Start Up Loans offer an affordable source of finance to help new and early stage business owners bring their plans to life.

Start Up Loans are available to individuals over the age of 18 who are eligible to start a business in the UK. Individuals can only receive one Start Up Loan, however more than one partner in a business can be eligible to apply for a loan.

More info:-

  • Up to £25,000 available
  • 6% fixed interest rate
  • For businesses who have been trading for less than 24 months
  • 1-5 year loan term
  • No application fee
  • No early repayment fee

For more information and to check eligibility visit https://www.startuploans.co.uk/

 

To find out more about the support Fife Council can provide, please click here or contact the team at enquiries@investinfife.co.uk or by phoning 01592 583539.

Twitter @investinfife

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