HM Insights

New £51m support package available for high growth firms in Scotland

The Scottish Government has announced that high growth companies are to receive part of £230m reallocated from underspent scheme.

The high growth potential businesses will receive £51m in further business support, on top of the various grants and schemes that have already been made available in response to COVID-19.

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It will be a welcomed announcement to the tech sector which has been hard hit by the pandemic with many warning that they might not survive it.

The Scottish Government has already spent £4 billion tackling the effects of COVID-19. The Scottish Government hopes that this £230m, named the Return to Work package, will boost the green recovery, speed up digitisation and bolster construction, supporting hundreds of jobs.

It is expected that the funding will be targeted at firms working at business parks such as Edinburgh BioQuarter and the Michelin Innovation Parc, as well as the regeneration project at Ravenscraig.

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