Scottish SMEs cash in on regional selective assistance funding

Scottish Enterprise has hailed a “bumper year” for grant activity with 69 regional selective assistance (RSA) payments worth £24.5 million made to businesses across a wide range of sectors.

Cyclotricity was one of the RSA recipients during the year. Picture: Contributed

The grants relate to projects with planned capital expenditure amounting to £316.4m, which are expected to create or safeguard almost 2,400 jobs.

This year’s £24.5m total represents a 75 per cent increase in the value of grant offers compared to the previous 12-month period.

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The latest figures, published in the economic development body’s RSA annual report, show that small and medium enterprises (SMEs) accounted for 68 of the 69 accepted offers, with a total grant value of £17.9m, planned investment of £64.4m and 1,918 new or safeguarded jobs.

The study also highlights that Scottish-owned companies received a greater sum than in any of the previous three years – accounting for 86 per cent of the total value and representing an almost 50 per cent increase on the sum offered to indigenous companies in 2017/18.

Grants were awarded across a broad range of sectors including financial services, food and drink, textiles, construction, manufacturing and technology. Examples include electric bicycle manufacturer Cyclotricity, which received a £120,000 grant enabling the creation of 12 manufacturing jobs in Glenrothes.

Jane Martin, MD of business services and advice at SE, said: “Now, more than ever, it is important that businesses across Scotland invest in their future growth and resilience.

“RSA is an important tool in stimulating that kind of investment by sharing some of the risk – while growing our economy and creating even more quality jobs for communities across the country.”