£2 million Digital Development Loan has been launched as part of the Scottish Government’s drive to improve digital economic productivity across Scotland, as part of a larger £36m investment.
Small and medium sized companies can benefit from this by meeting upfront costs between £5000 – £50000 to improve digital capabilities and processes including websites, digital marketing and training to improve skillset of staff in their digital future. The loan can be used to spread cost of investment over 3 months to 5 years at 0% interest rates, repaying the funding further down the line at no additional cost and no admin or early repayment fees.
- 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.
*European Definition The category of micro, small and medium-sized enterprises (SMEs) is made up of enterprises which employ fewer than 250 persons and which have an annual turnover not exceeding 50 million euro, and/or an annual balance sheet total not exceeding 43 million euro
- Applications will not be progressed if applicants are subject to formal insolvency such as sequestration/bankruptcy.
- Applicants who have defaulted on existing debts may still be considered for the Digital Development Loan if they can demonstrate that they have maintained regular repayments for a minimum of 6 months.
- Applicants who have discharged Bankruptcies and Trust Deeds are eligible to apply after the discharge date.
Loan applications for the following purposes are not eligible:
- Businesses or projects involved in betting or gambling.
- Loans for the purchase of property for resale.
- Loans to substitute the applicant’s own funds.