Small firms urged to tap into funding for young workers

Small and micro-sized businesses are being urged to apply for Scottish Government funding aimed at helping them attract and develop young employees.

Re:markable chief executive Peter Russian. Picture: Claire Watson

The funding, worth £200,000, for the Investors in Young People (IIYP) accreditation will help support scores of small enterprises over the next six months and will be rolled out by Re:markable – formerly Investors in People Scotland.

• READ MORE: Investors in People Scotland in remarkable rebrand

Peter Russian, chief executive of Re:markable, said: “Funding like this is crucial in helping us support Scotland’s economy and small business sector, especially helping to tackle the challenges of an ageing workforce.

“Since we launched IIYP three years ago we have provided guidance to over 650 organisations, with 400 of these gaining IIYP accreditation.

“Next year will see Scotland celebrate its Year of Young People so the support we can offer to SME and micro companies over the next six months means the future looks very positive for Scotland’s young workforce.”

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Jamie Hepburn MSP, minister for employability and training, joined Linda Urquhart, chair of Re:markable, at ASC Limited in Edinburgh yesterday to announce the funding.

The scaffolding contractor has benefited from previous IIYP funding and works to improve the prospects of young people through an apprenticeship scheme.

• Demand for finance from small and medium-sized enterprises (SMEs) remains muted with many firms opting to rely on their own resources, a report today indicates.

According to the latest BDRC SME Finance Monitor – one of the most comprehensive of its kind – just 4 per cent of SMEs reported having applied for a new or renewed loan or overdraft facility over the past year. This has fallen from 11 per cent of SMEs in 2012.

Asked specifically about how they would fund a new business opportunity, 41 per cent of SMEs would be likely to talk to their bank. Almost as many – 38 per cent – would look to self-fund the project, either from company resources or with funds from the owner/directors.

Shiona Davies, director at BDRC, said: “There have been no dramatic market changes since the referendum. However there are signs in the first half that larger SMEs… are looking to grow and to use finance more than before.”

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