Letter: Scottish investment bank

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Sir,

Plans to establish a Scottish National Investment bank will help transform inclusive growth across Argyll and Bute.

Last month, finance secretary Derek Mackay MSP announced plans for an initial investment in the bank of £130 million as part of his draft budget proposals for 2019/20.

Subject to regulatory and legislative approval, the national investment bank will aim to begin investing in Scottish businesses and communities from 2020 – investing at least £2 billion in its first ten years.

The investment bank will provide loans of up to £10 million for small to medium sized local enterprises with high growth potential.

Operating within a core set of principles, the bank will deliver sustainable growth – with both individuals and small local businesses set to benefit.

Small businesses are the backbone of the Argyll and Bute economy. It’s very exciting that we are one step closer to providing historic investment for projects the length and breadth of Scotland.

Michael Russell MSP,

Argyll and Bute.