This scheme offers funding and support to help entrepreneurs realise their growth ambitions and to contribute to Scotland’s economic success. The funds are to be used towards the growth and development of the winning businesses.
The competition is open to entrepreneurs operating new small businesses in Scotland that have the potential to achieve or increase sales by £200,000 within a period of three years. Charities and social enterprises are eligible to apply, however as funding is comprised of a 50% loan element that has to be repaid, such applicants must ensure that the organisation’s constitution allows them to borrow money.
The businesses which demonstrate the most potential could win awards of up to £100,000 to deliver their growth plans (or £10,000 for Young EDGE, the dedicated application route for entrepreneurs age 18-30, and Wild Card EDGE, the category under which pre trading companies will be considered). In addition, two prizes are available in the Higgs EDGE category of £150,000 or £100,000.
In addition to financial awards, all EDGE winners are provided with a package of support from business experts, including a business mentor, to help the business grow. All Scottish EDGE awards are offered on a 50:50 grant/loan split. Businesses cannot apply for a Scottish EDGE grant only. The loan interest rate is fixed at 4%, over a maximum five year repayment term.
The deadline for round 9 will be 7 September 2016 at 2pm.