Industrial and commercial developments around the country are being given support, under the first release of funding from the SNP Government’s £150 million Building Scotland Fund.
The Scottish Partnership for Regeneration in Urban Centres (SPRUCE) has received an additional £25 million to help fund a wide range of commercial and industrial projects across Scotland.
Public Finance Minister Kate Forbes MSP said:
“SPRUCE is a well-established investment vehicle, with eleven projects funded to date totalling around £73 million. A recent evaluation of the work of SPRUCE recommended increasing the size of the fund to deliver more regeneration projects.
“Therefore I am pleased this additional £25 million from the Building Scotland Fund will enable more projects around Scotland to receive financial support.”
Kenneth Gibson MSP added:
“I am delighted that there is now additional funding that non-public sector organisations including businesses, housing associations and universities in North Ayrshire are able to apply for.
“The minimum Building Scotland Fund investment in a single project is likely to be £1 million or above although there is room to consider applications under this amount. There will be a focus on projects and investments that support inclusive growth, reduce carbon and sustain and create places in line with the proposed vision of the Scottish National Investment Bank Implementation Plan.
“We need development of house building across all tenures, develop industrial and commercial space and support business-led research and development and funding. I would encourage interested parties to visit the Building Scotland Fund website to find out if their project would be eligible and how to apply.”
Projects / investments must be capable of agreement within a short timescale and be drawn down by March 2021, although consideration may be given to projects that will require draw down after this date.