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Parliamentary debates and questions

S5W-00549: Jackie Baillie (Dumbarton)

Scottish Labour

Date lodged: 7 June 2016

To ask the Scottish Government by what date the Scottish Business Development Bank will be established.

Answered by: Keith Brown 15 June 2016

There are no immediate plans to establish a Scottish Business Development Bank.

I refer to the response to S4W-30114 on 26 February 2016 by John Swinney, then Cabinet Secretary for Finance, Employment and Sustainable Growth.

Our approach, given the UK Government accounting arrangements within which we are required to work, is to enhance the remit of the Scottish Investment Bank (SIB) and for Scottish Enterprise to offer a wider range of business investment approaches, addressing some of the marketplace gaps to improve the supply of funding.

The additional activity could include providing support to a broader number and range of businesses, offering and enabling loans, and potentially guarantees, alongside equity products and providing an enhanced financial readiness service.

£21.5 million of financial transactions funding has been allocated to Scottish Enterprise in 2016-17 to help in developing the SIB to meet its new objectives.

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