The Digital Development Loan

The COVID-19 pandemic has changed the way businesses operate. Whether it’s more health and safety measures on site, meeting clients over Zoom, or working from home – technology has proved to be a valuable asset in surviving the pandemic.

The pandemics disruption of supply chains can result in significant loss of revenue but investing in the digital capabilities of a business can enable businesses to survive now and thrive in the future.

The Digital Development Loan, provided by the Scottish Government, is available to all business sectors and can be used to improve digital capacity or update the digital skills of your staff.

The main criteria of the loan fund is as follows:

• Available to small to medium enterprises
• A need to improve your digital capabilities and processes in areas such as a new accounting system, cyber security, data analytics, software engineering and digital skills development
• Loans from £5,000 and £100,000
• Interest free payments
• 3 month to 5 year terms
• No administration fee
• No penalties for early settlement

As mentioned in our previous article, the Digital Development Loan has been available for some time now but there may now be a slight increase in the loan processing time frames due to a greater demand. You can read more about the Digital Development Loan, and how to apply, here.

Our EQ Technology specialists can help provide cash flow projections, assess your business plan to identify the support/funding you require and act as an intermediary with financiers including Government Agencies.

If you would like to discuss further how we can support your business needs, please email EQ Technology team on technology@eqaccountants.co.uk. or contact one of our offices.