North Queensferry was the setting for the announcement of a £5 million fund which will benefit businesses in the east of Scotland and could boost jobs by more than 1000.
Minister for enterprise, energy and tourism Jim Mather told delegates and businesses at the Brook Queensferry Hotel on Monday that the East of Scotland Investment Fund has secured £1.8 million from the European Regional Development Fund to create jobs and also market opportunities for small to medium sized companies over the next five years.
The European money forms part of the £5 million East of Scotland Investment Fund initiated last year by a consortium of nine local authorities with additional support from the Royal Bank of Scotland.
The nine authorities are Fife, Dundee, Angus, Perth and Kinross, Edinburgh, Falkirk, Midlothian, Moray and West Lothian.
Loans of up to £50,000 are available to all businesses. The East of Scotland Investment Fund (ESIF) will reserve the right to seek any form of security where it is deemed appropriate.
The loans can be used towards working capital or the purchase of equipment, plant or business property.
Mr Mather said the fund is a “significant resource” and will be a “wonderful catalyst.”
“I am delighted to announce this £1.78 million funding,” he said.
“There were a lot of young people at this event and they have a lot of energy.
“The overall £5 million funding will be put over in five years it will improve the supply of capital. Many businesses are having difficulties but we are providing support and recognise there are problems.”
He continued, “Small to medium sized businesses contribute to the Scottish economy. Through this funding, we will support 181 businesses and provide additional support to 600.
“We need to be genuinely attractive to business and being collaborative is the way to go.
“Accessing affordable new finance remains a challenge for some small and medium sized businesses, which is why initiatives like the East of Scotland Investment Fund are so important. European funding is supporting many of the vital interventions at the heart of our economic recovery plan and we will continue to use every lever at our disposal to put Scotland’s economy firmly on the road to success.”
George Sneddon, chairman of the East of Scotland Investment Fund, said, “This additional money is vital to safeguard and create jobs, support businesses through this particularly difficult period and ensure that local economies benefit from successful businesses.”
Fife Federation of Small Businesses (FSB) chairman Janet Torley said, “This fund is specifically aimed at small businesses who have been unable to secure all of the funding they require from other sources this funding gap is something the Federation of Small Businesses has been very vocal about, so any fund that will help small businesses thrive and drive the recovery has to be welcomed.”