SCOTTISH Enterprise is "cautiously optimistic" of securing up to £150 million of European funds for Scots businesses next year.
The economic development agency has applied for funds from the European Investment Bank through the Joint European Resources for Micro to Medium Enterprises (Jeremie) scheme.
Last month, small businesses in the north-east of England were grante
d access to £125m of European investment loans from next year after securing a green light from the UK government.
The fund was established by the European Commission and the European Investment Bank to support local economic development. Scottish Enterprise has a small equity shareholding in the fund along with Barclays Bank.
It allows EU states to pay out European structural funding in the form of investment loans to small businesses, rather than provide grants for individual projects. Scotland could qualify for up to £150m comprising half from the agency's own funds and the balance from the European Investment Bank.
Senior executives said at the agency's annual meeting in Kilmarnock yesterday that, despite tough trading conditions, companies were still willing to invest in projects that will strengthen their business through the development of new products or new ways of working. During the last financial year, its investment of £17m in R&D projects helped to stimulate more than £100m from the private sector.
Crawford Gillies, chairman of Scottish Enterprise, said: "These projects would not have happened in Scotland without our support .
"For every £1 we invested in these projects, the companies themselves invested more than £6.
" The fact that companies are continuing to invest is very significant in terms of our ability to move out of the recession."
He added: "Over the next year, this is going to be a significant priority for Scottish Enterprise as we help support our customers to identify new opportunities to strengthen and grow their business."
A successor to chief executive Jack Perry is set to be announced by the end of the year. Now that the organisation has been shorn of Careers Scotland and responsibility for local enterprise companies, its priorities are likely to centre on continuing to provide tailored support for businesses and the commercialisation of new products and ideas.
Perry said yesterday: "We will be stepping up our commercialisation efforts to generate more wealth from the intellectual property that we develop in Scotland.
"The global economic turbulence of the past year and the challenges this has presented our customers has tested our new remit and structure to the full.
"Despite this, we have achieved almost all of our goals and targets for the year."
Over the past year the agency has continued to slim down, with substantial reductions in head count and office costs.
