Business support organisation Elevator has secured £2.8 million of UK Community Renewal Fund (UKCRF) cash to help it roll out its E3 scheme for new entrepreneurs.
The UK Government support is expected to unleash an estimated £50m in Scottish economic growth in net additional gross value-added (GVA) terms.
E3 – Elevator’s Entrepreneurial Ecosystem – builds on the success of a pilot in Fraserburgh which the social enterprise says has had “positive results”.
Our vision is for Scotland to be one of the most entrepreneurial, vibrant and dynamic countries in the world.”
Gary McEwan, chief executive, Elevator
Aberdeen-based Elevator is now rolling out the programme across Aberdeenshire, Dundee, and Lanarkshire.
The ambition is to provide a network of enterprise support services to drive skills development, increase business start-up rates and, in turn, deliver job opportunities.
E3 also builds on the existing support services already available via Elevator’s regional “hubs”, which deliver Business Gateway services and accelerator programmes.
New courses, grants, ‘hubs’ and outreach support
Elevator will expand this offering with an additional two enterprise “hubs” and satellite mobile services to reach remote target groups.
It will also recruit 21 extra staff to establish six pop-up “hubs”, and coordinate a series of new programmes, events and initiatives such as start-up support grants for young people, leadership courses and digital support.
The projects will target 45% participation by women and also the adoption of low-carbon and environmental best practices, aligned with the Scottish Government’s target of achieving net-zero emissions by 2045.
Elevator chief executive Gary McEwan said: “A vibrant national economy is driven by an entrepreneurial mindset.
“Our vision is for Scotland to be one of the most entrepreneurial, vibrant and dynamic countries in the world.
“Critical to this is our ability to connect and engage with all communities, rural and urban, tapping into local knowledge and insight.”
He added: “As a direct impact of these UKCRF projects, we expect to add an estimated £50m net additional GVA across Scotland, extending our entrepreneurial ecosystem, accelerating local economic growth and unlocking opportunities for people in communities across the country.”
£220m UK-wide pot
The UKCRF was launched in March 2021, with a £220m pot for investments throughout the UK.
It was designed to shape the UK Shared Prosperity Fund, which will replace EU structural and investment funds in 2022.
Elevator has received 18% of all UKCRF funding awarded to Scotland.
It is the only Scottish organisation to have received multiple awards, totalling £2.8m, from more than 1,000 applications.
Scottish Secretary Alister Jack said: “The UK Government’s focus is firmly on our recovery from the pandemic, building back better and stronger.
“That’s why we are investing more than £190m in community projects throughout Scotland from three major new funds.
“Our support for Elevator is part of our £1.7 billion investment in levelling-up across Scotland.”
In Fraserburgh, more than 230 people have taken part in the programme over two years.
Elevator said the scheme had created 50 new businesses and 60 jobs in and around the town to date.
