Smaller businesses across Renfrewshire, East Renfrewshire and Inverclyde have secured £15.1 million in funding through the UK Government-backed Growth Guarantee Scheme, helping dozens of firms invest, expand and create jobs.
The British Business Bank announced it has now unlocked £200 million of debt finance for Scottish businesses through the scheme since its launch in July 2024. Of that total, £15.1 million has been provided to businesses across the three local authority areas, making the region one of Scotland’s higher-performing areas for lending.
A total of 73 businesses in Renfrewshire, East Renfrewshire and Inverclyde have benefited directly from the funding, while 1,283 Scottish businesses have received support through the scheme overall. The funding has been delivered through 32 lenders operating in Scotland.
The Growth Guarantee Scheme provides access to finance for smaller businesses looking to invest and grow, with facilities of up to £2 million available.
Across Scotland, funding has supported businesses in a wide range of sectors, including wholesale and retail, manufacturing, construction, hospitality and agriculture. Most businesses used the funding to purchase equipment and machinery, support working capital requirements or fund business expansion.
Scottish Secretary Douglas Alexander said: “The British Business Bank’s Growth Guarantee Scheme unlocking £200m for small businesses in Scotland is a significant milestone and a real demonstration of the UK Government’s commitment to supporting Scottish enterprise.
“From the Highlands to the Central Belt and Scottish borders, businesses across Scotland are accessing the finance they need to grow, create jobs and boost our economy. This funding backs Scottish ambition and helps drive economic growth to benefit communities across the country.”
West Scotland MP Blair McDougall, Minister for Small Business and Economic Transformation, said: “This is an important milestone, demonstrating this Government’s commitment to improving access to finance for smaller businesses right across Scotland.
“By unlocking vital funding, we are ensuring that Inverclyde, East Renfrewshire, and Renfrewshire’s most ambitious and innovative firms have the finance they need to invest and grow, creating jobs, boosting their local economies and raising living standards.”
Reinald de Monchy, Chief Banking Officer at the British Business Bank, said reaching the £200 million milestone demonstrated the strength and ambition of Scotland’s smaller businesses and the success of the scheme in supporting firms to invest, innovate and grow.