£500,000 boost for small business growth

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Efforts to help accelerate the growth of small- and medium-sized enterprises (SMEs) in Argyll and Bute are to be boosted by additional funding of almost £500,000.

The move was approved on March 7 by the council’s Environmental, Development and Infrastructure Committee.

Phase Two of the Business Gateway Local Growth Accelerator Programme (LGAP) will see a £483k business support programme delivered by the Business Gateway team. It follows Phase One, which closed in December last year.

LGAP gives growing local businesses the chance to access grant funding and specialist advice to help them expand. It is funded by Argyll and Bute Council and the European Regional Development Fund (ERDF).

Phase Two will include ERDF funding of £338,100, with the council required to provide match funding of £144,900. Subject to approval by full council next month, the £144,900 will be wholly provided from the West of Scotland Loan Fund (WSLF) surplus, meaning Phase Two will bring no additional cost to the council.