26 Sep 2017

Fast growing SMEs to be offered 'enhanced financial support'

Fast growing SMEs to be offered 'enhanced financial support'

Scottish Enterprise says it has enhanced its support for fast-growing companies.

The aim is to help more firms with the potential to reach annual turnover of more than £100million.

The Start2Scale service will target fast-growing innovative start-up and early-stage businesses as well as existing ventures with ambitious plans.

The aim is to provide an intensive, tailored service focusing on key drivers of growth - international sales, investment and talent acquisition and development.

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Paul Wheelhouse, the Scottish Government Minister for Business, Innovation and Energy, said: “We know that stimulating the development of, and supporting, more high-growth companies with the ambition and potential to grow their turnover to over £100million is one of the most powerful drivers of growth.  

"Evidence from Scotland, and benchmark economies such as Germany, shows these mid-d businesses are the most dynamic group of companies who are most likely to boost innovation, increase productivity, exports, international competitiveness and to deliver sustainable, well-paid new jobs.

“According to a UK scale-up report, boosting just 1% of our scale-up business population could create 238,000 jobs and £38billion of GVA (gross value added) across the UK within three years and we want to see Scotland pursue such an objective.  

"That’s why our Programme for Government committed to working with our enterprise agencies and private-sector partners to create an expanded and collaborative ‘scale-up’.  

"Our enterprise agencies, Scottish Enterprise and Highlands & Islands Enterprise, continue to enhance their assistance to businesses on their fast-growth journey as part of the work on scale-up of Scotland: CAN DO, our Scotland-wide innovation forum, and today’s announcement marks a significant step forward in that journey.”

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The managing director at Scottish Enterprise, Adrian Gillespie, added: “Regardless of whether a company is starting up or is already well established, if it has the ambition to quickly grow to scale, we want to help.  

"Our enhanced Start2Scale service has been developed following customer feedback for a more distinct approach and support system for companies facing challenges impacted by rapid growth. 

“Our team of experts and specialists, working together with our CAN DO scale partners, will ensure companies get access to the right support at the right time to match their growth ambition. We already actively work with around 180 fast-growing companies on this journey. This enhanced service aims to build on that support, recognising that these important group of companies have specific needs. We aim to increase the number of companies we work with to 250 during 2018.”

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