Businesses given chance to make upfront tech investments with help of new fund
The Scottish Government has launched a £2m fund for businesses to improve their digital capabilities.
The money can be used in areas such as cybersecurity, data analytics, and software engineering, as well as to develop staff digital skills.
It will enable businesses to cover the upfront costs of investing in digital technology and skills, and then repay the expenditure gradually.
Loans provided through the fund – which is called the Digital Development Loan – will be interest free, and the repayment can be spread over three to five years.
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The tender to deliver and manage the digital development loan has been awarded to Lanarkshire Enterprise Services, a business support specialist for SMEs.
Economy secretary Keith Brown said: “We are committed to investing £36m to improve Scotland’s digital productivity and ensure we are ready to embrace the opportunities of a digitally driven economy in the future. The £2m 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.
He added: “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.”