The Digital Development Loan has been created by the Scottish Government to provide loans to companies who wish to improve their digital capabilities and processes in areas such as cyber security, data analytics and software engineering. The loan was launched in June 2018 but there is still funding available!
We talk about modernising businesses and the products and services which are developed, along with new technology which helps businesses become better and quicker at what they do. The up-skilling needs to happen from within, so staff are being trained in new skills to assist businesses in their transformation plans.
Aura’s client CodeClan is a great example of where you could invest the loan, by retraining staff in the Professional Software Development 16-week course, or through short courses to update existing skills.
The loans granted are from £5,000 – 50,000 and repaid from three months to five year terms, with no interest and no early repayment penalties.
Laura Sutherland, founder and director at Aura said: “More companies should be investing money into data analysis and cyber security. Data is how we can develop informed strategies and work in a fast-paced way to keep developing. Cyber security will be a growing concern for many businesses. Recent hacks have demonstrated not only the damage it can do to businesses, withholding information, but also stealing data and profiting from selling it.
“This Digital Development Loan fund opens up opportunities for Scottish businesses to really transform their businesses, in particular the teams who are pushed to innovate and drive up performance.”
- Applicant businesses must be located in Scotland
- Must be trading a minimum of 6 months
- The purpose of the loan must be to improve digital capacity and or capability of the business
- Applicants must be over the age of 18
- Applicants must be a UK resident with the right to work in the UK
- All Industry sectors are eligible for consideration. The assessment will focus more on the contribution of the project to the fund objectives
- Businesses must meet the European definition of an SME in relation to employees, balance sheet and turnover.
Kate Forbes, Minister for Public Finance and Digital Economy said £300,000 has already been approved in loans and a further £200,000 is in the pipeline. The original launch in 2018 talked about a £2million fund…