If you are thinking of setting up a business in Scotland, or if you already own an existing business, there are a number of different governmental grants on offer. Many of these grants are also available to existing businesses. There are two main categories of business grants in Scotland; Investment Grants and Innovation Grants.
The primary investment grant available to businesses in Scotland is known as Regional Selective Assistance, or RSA. The central aim of the RSA initiative is to encourage businesses to invest in such a way as to create more jobs in Scotland itself. As with all forms of government funding there are a number of criteria that must be satisfied before the grant can be awarded. Additionally the exact amount of money awarded will vary depending on certain factors.
In order to qualify for an RSA grant, a business must be located within an assisted area in Scotland. It must either create or safeguard jobs in Scotland which are not offset by job losses elsewhere. While the RSA grant will assist in the development of a business, it cannot be the sole source of funding for the enterprise. Therefore one of the conditions of this award is that the business in question must be privately funded.
The most prominent innovation grant on offer in Scotland at the moment is known as SMART:Scotland. This is an R and D-based grant, which can also be applied to Technical and Commercial Feasibility Studies. The latter type of study can be subsidised by up to 70% of the total cost by SMART:Scotland, while R and D projects can receive funding worth up to 35% of the project's cost. Further information on business grants in Scotland of all kinds can be found at scottish-enterprise.com.