Autumn Budget 2021: £150m in funding for smaller Scots firms welcomed

Plans for a £150 million fund dedicated to supporting smaller businesses in Scotland have been welcomed.

Earlier this week, the British Business Bank announced that the Recovery Loan Scheme had passed a significant milestone, with 76 accredited lenders having offered more than £1 billion to smaller UK businesses. Picture: Jon Savage

The Chancellor confirmed the launch of the funding in his Budget statement as the UK government looks to extend financial support for businesses in the devolved nations.

Catherine Lewis La Torre, chief executive of the British Business Bank, which will help deliver the funding programme, said: “The package the Chancellor has announced enables us to build on our range of programmes to support sustainable economic growth by increasing the supply, diversity and demand for finance for UK smaller businesses.

“This includes delivering a new £150m fund dedicated to supporting smaller businesses in Scotland, building on what is already a strong infrastructure, particularly in the provision of equity for high-growth businesses.

“We look forward to working with Scottish Enterprise, the Scottish National Investment Bank and local stakeholders to deliver this increased support.

“We also welcome the £150m provided to support regional angel finance across the UK, and resources to provide 33,000 Start-Up Loans over the next three years.”

Federation of Small Businesses (FSB) national chair Mike Cherry said: “This Budget has delivered some measures that should help to arrest the current decline in small business confidence.

“Vital too is expanded funding for the British Business Bank, empowering it to extend the reach of its work and add to its thousands of existing success stories across the UK.”

Earlier this week, the British Business Bank announced that the Recovery Loan Scheme had passed a “significant milestone”, with 76 accredited lenders having offered more than £1 billion to smaller UK businesses.

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