Designed by the Scottish Government, the Digital Development Loan aims to provide loans to Scottish SMEs wishing to improve their digital capabilities and capacity.
The funding covers areas such as cyber security, data analytics, software engineering and digital skills development.
Offering interest free loans from £5,000 to £100,000, it also provides up to five years repayment terms, and no early repayment fees.
Is your business eligible?
Firstly, your business must be a small or medium enterprise registered or based in Scotland.
As well as this, it must be registered as a Ltd company, or the applicant must be registered as a sole trader with a unique tax reference number (UTR).
Additional information to be aware of includes the following:
- Charities and third sector organisations can apply for the funding
- You must have been operating for a minimum of 6 months
- You must use the loan for its purpose of improving digital capacity, digital capability or digital skills of your workforce
- Applicants must be over the age of 18
- Applicants must be a UK resident with the right to work in the UK
- Companies must meet the definition of an SME in relation to employees, balance sheet and turnover
- Firms from all industry sectors are eligible for consideration.
How do I apply?
It is easy to apply online, and if your business meets the criteria above, you can do so by visiting the Digital Development Loan website.
You will typically receive a decision within 6 weeks of receipt of your completed application.
Need help or advice on the Digital Development Loan? Contact our team today.
