The locally delivered fund targets Scotland’s Regional Partnerships that contain the areas with the lowest Gross Disposable Household Income (GDHI) per capita, such as West Dunbartonshire, North Ayrshire, Dundee, Clackmannanshire and Fife.

The £140m package is allocated proportionally by population. Year 1 allocations, released now to enable delivery to begin, are as follows:

• Glasgow City Region: total 3 year allocation of £60.9m, with £22,684,596 now released.
• Edinburgh & South East Scotland: total allocation of £37.8m, with £14,095,909 now released.
• Tay Cities Region: total allocation of £19.5m, with £7,256,931 now released.
• Ayrshire: total allocation of £11.8m, with £4,400,298 now released.
• Forth Valley: total allocation of £9.8m, with £3,665,499 now released.

The Tay Cities Region Local Growth Fund aims to deliver inclusive and sustainable economic growth across the area. 

This new arrangement will be used to support small to medium sized enterprises (SMEs) in key areas like digital and creative, life sciences, tourism and advanced manufacturing as well as food and drink. 

It will also help strengthen employer engagement and deliver targeted skills provision in priority sectors. 

Capital funding will enable the creation of new industrial business space.

Across the Forth Valley, the programme will support business growth, workforce skills, housing and infrastructure projects across Falkirk, Stirling and Clackmannanshire Council areas helping to create jobs and drive long-term economic growth across the region.

Over the next three years, the programme plans to support a range of initiatives including:

• A Forth Valley Housing Enablement Fund to help bring vacant or stalled housing sites back into productive use.
• A Regional Infrastructure Enablement Fund supporting commercial property and transport improvement projects.
• Expanded business adviser support to help local companies grow and innovate.
• A new Expert Help Programme providing specialist support on areas including exporting, digitalisation, marketing, finance and business strategy.
• A business and social enterprise grant scheme to support business expansion, productivity improvements, innovation and job creation.
• New regional skills and workforce development programmes designed to help people access employment opportunities and support businesses with workforce development needs.

It will also aim to deliver significant benefits across the region by 2029, including:

• support for 370 businesses
• grants for 94 businesses
• creation of 500 jobs
• support for 380 people to move towards employment
• helping 160 people gain qualifications
• unlock more than 19,000 square metres of land for development

Scottish secretary Douglas Alexander said: “The UK Government is committed to empowering local communities by spreading power throughout the country. These funds will support local leaders throughout Scotland to create skilled jobs, help start up businesses and revive our local high streets. 

“After months of close working directly with regional partners across Scotland, the UK Government is now releasing £52.1 million directly to regional leaders who know their communities best so delivery can begin.”