The British Business Bank has committed £150 million of new funding to Scotland.
Investment Fund for Scotland aims to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the country.
There are a range of commercial finance options, with smaller loans and debt finance from £25,000 to £2m and equity investment up to £5m.
The fund covers the whole of Scotland, including rural, coastal and urban areas.
It aims to increase the supply and diversity of early-stage finance for smaller businesses across the nation, providing funds to businesses that might otherwise not receive investment and helping to break down barriers in access to finance.
BBB says the new fund has embedded ESG awareness into its design and will help support the UK economy’s transition to Net Zero.
Meanwhile the Department for Business and Trade announced the appointment of Stephen Welton CBE as the new non-executive chair of the British Business Bank.
Welton takes over from Lord Smith of Kelvin, who has held the position for six years since 2017.