Businesses in the Stirling area can look forward to extra support for growth, innovation and job creation following the launch of a £500,000 fund by the local authority.
The Stirling Business Investment Fund (SBIF) was launched to the local business community by Stirling Council yesterday with the hope of bringing new enterprises to the area.
It will use money made available by the winding up of redundant arm’s-length companies formerly owned by the council.
Eligible small and medium-sized businesses will be able to apply for loans of between £10,000 and £25,000 for projects aimed at improving competitive advantage and aiding development and growth. This includes projects leading to the creation of high-value employment.
The fund will be available to established and new businesses, and the council hopes it will attract new enterprises.
It will be administered by Stirling Enterprise (Step) on behalf of the council, and Step will be responsible for the assessment of all applications.
Council leader Johanna Boyd said: “We are delighted to have launched the SBIF in partnership with Step to directly support the local business community in Stirling.
“We already have a vibrant business community, and we look forward to engaging further with them through this new initiative.
“Stirling Council is firmly committed to growing the local economy by supporting its promising businesses.
“We look forward to engaging both with companies which have the potential to diversify, and newly established businesses with early growth potential,” the council leader added.
Finance and economy committee convener Neil Benny added: “This is the biggest innovation in council support for local businesses in decades, and I’m very excited about what it could help to achieve.
“Money will be available to improve competitive advantage, help with development and growth and enhance or develop new income streams.
“The fund fits perfectly with the council’s key priorities to deliver jobs and pursue a diverse, high-wage economy, and I’m hopeful that as well as providing assistance for existing firms the availability of this new funding stream will also help attract a range of new businesses to Stirling.”
Step chief executive Gordon Bell said: “Step is here to offer businesses support to grow and prosper, and often this growth needs an injection of funds to allow them to move on to the next stage in their development.
“SBIF is here to complement the current funding options available, and can also offer a great alternative to existing commercial lending.”