Date lodged: 6 November 2017
To ask the Scottish Government how much funding it has allocated to the Scottish Growth Scheme since the announcement of its creation in the Programme for Government 2016.
Answered by: Derek Mackay 14 November 2017
Currently resources have been allocated for two distinct products under the Scottish Growth Scheme.
The first tranche of support, announced in June 2017, is the £200m Scottish-European Growth Co-investment Programme. This was funded by £50m of Scottish Government resources and £50 million from the European Investment Fund (EIF). It is anticipated that a further £100 million in co-investment will be leveraged from EIF accredited fund managers, across Europe, for investment in Scottish companies over three years.
The second tranche, of £100m, announced to enhance the SME Holding Fund, involves an additional £10m ERDF allocated by the Scottish Government, with £15m matched funding from Scottish Enterprise. It is anticipated that a further £78m in co-investment will be leveraged from private sector investors, mainly Business Angel syndicates, for investment in some 66 companies, with the resources being fully invested by December 2018.
We continue to develop further products to deliver the £500m target over the next