STEP CLOSER TO SCOTTISH NATIONAL INVESTMENT BANK

For immediate release:

STEP CLOSER TO SCOTTISH NATIONAL INVESTMENT BANK

Rutherglen MSP Clare Haughey has said Scottish Government plans to establish a Scottish National Investment bank will help transform inclusive growth across South Lanarkshire.

Last month, Finance Secretary Derek Mackay MSP announced plans for an initial investment in the bank of £130 million as part of his draft budget proposals for 2019/20.

Subject to regulatory and legislative approval, the national investment bank will aim to begin investing in Scottish businesses and communities from 2020 – investing at least £2 billion in its first ten years.

The investment bank will provide loans of up to £10 million for small to medium sized local enterprises with high growth potential.

In advance of the Scottish National Investment Bank’s establishment, a £150 million Building Scotland Fund announced in 2017 will provide debt and equity support to the private sector and organisations, such as housing associations and universities, to support the development of housing across all tenures, develop modern industrial and commercial space and support industry-led research and Development.

MSPs are set to vote on the Scottish Government’s budget proposals at Holyrood next month.

Commenting, Rutherglen MSP Clare Haughey said:

“A national investment bank has enormous potential to transform communities in South Lanarkshire and across Scotland. Operating within a core set of principles, the bank will deliver sustainable growth – with both individuals and small local businesses set to benefit.

“Small businesses are the backbone of our local economy in Rutherglen and Cambuslang, so it’s very exciting that we are one step closer to providing historic investment for projects the length and breadth of Scotland”.

Scottish Council for Voluntary Organisations (SCVO) Policy & Campaigns Officer Paul Bradley said:

“The Bank provides the opportunity for Scotland to establish itself as a global leader in moving to a high-performing and modern economy, one built on sustainable finance to accelerate the transition to a zero-carbon economy where the benefits are realised across all groups in Scottish society.

“SCVO will continue to monitor and feed into the process of setting up the Bank.”

ENDS

Notes:

https://www.insider.co.uk/news/scottish-budget-business-derek-mackay-13725252

https://scvo.org/post/2018/12/13/%ef%bb%bfscvo-briefing-on-scottish-budget-2019-20

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