Scottish state bank vows to pick up speed after slow start
The chair of Scotland’s national investment bank, set up to provide capital to small and medium businesses, has vowed to accelerate action after the institution failed to spend its lending budget last year.
The Scottish National Investment Bank, established in 2020 to boost investment for infrastructure projects and companies with high growth potential through public funding, deployed £129mn in the year to the end of March, according to its annual report released on Tuesday.
The bank failed to spend its £200mn annual budget allocated for business lending by around a third. The institution has a target to lend £2bn to businesses over ten years, of which £258mn has been committed so far.
This story originally appeared on: Financial Times - Author:Lukanyo Mnyanda
