A £2 million Digital Development Loan has been launched to provide companies who wish to improve their digital capabilities and processes in areas such as cyber security, data analytics and software engineering as well as to develop the digital skills of their staff as part of our drive to improve digital economic productivity across Scotland.
The Scottish Government has listened to the needs of the sector and are introducing this loan at 0% interest rates, helping firms to spread the cost of investment over 3 to 5 years. This fund will enable businesses to meet the upfront business costs of investing in digital technology and skills by using government funding to pay for immediate investment, repaying the funding in later years at no extra cost. Loans start from £5,000 up to a maximum of £50,000.
SME’s in Scotland.
This loan can be used to increase the digital capabilities of your workforce and to purchase digital equipment.
The loan starts at £5,000 up to a total of £50,000. The terms available are from 3 months to 60 months. There is no arrangement fee and best of all it’s interest free.
Applicant businesses must be located in Scotland
Must be trading a minimum of 6 months
The purpose of the loan must be to improve digital capacity and or capability of the business
Applicants must be over the age of 18
Applicants must be a UK resident with the right to work in the UK
Business sector must be eligible
Businesses must meet the European* definition of an SME in relation to employees, balance sheet and turnover.
Economy Secretary Keith Brown said: “We are committed to investing £36 million to improve Scotland’s digital productivity and ensure we are ready to embrace the opportunities of a digitally driven economy in the future. The £2 million Digital Development Loan is the first phase of that process and will provide access to finance for small and medium sized businesses who want to improve their digital capabilities and the skillset of their staff.
“The Scottish Government will continue to work with business to ensure companies across Scotland have support they require to invest in their company, their staff and in their digital future.”
Lanarkshire Enterprise Services Ltd (LESL), have been awarded the tender to deliver and manage the Digital Development Loan. LESL provides specialist business support for small to medium enterprises to help their businesses grow and succeed.
Liz McCutcheon Operations Manager at LESL said “We are delighted to have the opportunity to manage the Digital Development Loan on behalf of the Scottish Government. This loan will be a great asset to Scottish Businesses to help them increase their digital skills, invest in digital equipment and ultimately support the deployment of digitally enabled processes to boost the economy in Scotland.”