Unlocking Business Growth: How the Business Growth Fund Scotland Can Help Your Business
Are you a Scottish business owner looking to expand and create new opportunities? The Business Growth Fund Scotland (BGFS) could be an ideal solution for your business expansion goals. BGFS offers businesses the financial resources and expertise they require to grow, create employment opportunities and become even more successful. In this article, we’ll explore how BGFS can help your business unlock its full potential.
What is the Business Growth Fund Scotland?
BGFS is a grant program, created by the Scottish Government to offer businesses in Scotland financial resources and support to expand. The scheme has been in place since 2017, and over 80 Scottish businesses have been awarded funding to date. The fund is used to finance projects that result in employing more skilled workers, increase productivity and efficiency, and ultimately lead to business growth.
How Does BGFS Work?
BGFS offers funding in conjunction with other private funders, which means that applicants need to provide a portion of the funding themselves, typically around 50%. The total amount of funding available through the scheme is around £25m, with grants ranging from £50k to £2m.
The application process is simple. Business owners can apply through the BGFS website or via a pre-application telephone call to the fund’s team. If successful, the funds are paid directly to the successful applicant, however, there are reporting requirements to follow to ensure that the money is spent in accordance with the project’s plans.
Who Can Apply for BGFS?
All Scottish businesses are eligible for BGFS funding, as long as they meet specific criteria. The business must be a Limited company or Limited Liability Partnership, with an annual turnover of at least £100k and able to match the funding to be awarded.
BGFS is suited for businesses looking to expand, introduce new products or services to the market, boost productivity and efficiency, and create new employment opportunities. Projects need to align with the Scottish Government’s objectives, such as creating jobs and developing the local economy.
Examples of Successful BGFS Projects
Many businesses have benefitted from BGFS funding, such as BrewDog, the Scottish brewery that received £5m in funding in 2018. The funding allowed the company to access new markets and expand its production capability, which has since led to the creation of new jobs.
Tech firm Bellrock Technology also received funding from BGFS, which has enabled the business to grow and become a market leader in its industry. The funding helped fund new projects, develop new services, and create new jobs.
Conclusion
The Business Growth Fund Scotland is an excellent opportunity for Scottish businesses looking to grow and expand their operations. The scheme offers businesses access to vital funding and support for new projects, which ultimately help businesses create new opportunities, grow sustainably, and create new jobs.
To be successful, businesses need to familiarize themselves with the scheme’s application process, understand the criteria, and provide accurate reporting. If you’re considering applying for BGFS, there’s no better time to start than now. Take the lead, unlock your business’s full potential, and unlock business growth!
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