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Life sciences businesses in the Highlands and Islands that are looking to invest in capital growth projects will be able to apply for support through a new fund announced today (18 September).
Highlands and Islands Enterprise (HIE), Scotland’s development agency for the region, has created the new Life Sciences Growth Fund to support investment in the sustainable growth of the sector over the next three years.
It will provide up to 50% match funding grants of between £25,000 and £75,000 to help companies accelerate their growth plans. These might include expanding into new markets, including exporting, or developing new products, services or processes.
The funding can help cover the costs of equipment, new technology or fixtures and fittings, or to construct, adapt or upgrade business premises or other infrastructure.
Applicants can be existing commercial enterprises of any size or new start-up ventures. The fund is also open to inward investors looking to establishing operations in the region.
Life sciences is recognised as a regional transformation opportunity in HIE’s five-year strategy, published last year. The region is already home to around 80 companies operating in the sector, with clusters in the Inner Moray Firth and Argyll and the Islands areas.
The new support programme is designed to support capital growth in commercial activity relating to life sciences, which includes human and animal health, health tech, diagnostics and research.
It was announced at the A3 Scotland conference in Inverness for life sciences in animal health, agritech and aquaculture. The event, entitled Transition to Digital – Fit for the Future, was hosted by HIE in partnership with Scotland’s Rural College (SRUC).
Stuart Black, HIE chief executive, said:
“Life sciences is one of the fastest growing economic sectors in Scotland. It provides many skilled and well-paid career opportunities around the Highlands and Islands. The sector helps to attract and retain more young people and draw in more inward investors.
“There is significant potential for further growth in our life sciences industries, through human and animal health related activity as well as marine biotechnology. This new fund is about realising that potential by encouraging companies, entrepreneurs and inward investors to bring forward their growth plans in the region.”
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The HIE funding will help meet the costs of plant and equipment and help lever in significant private sector investment to the project.