Hawick, Irvine, Clackmannanshire and Fife share £10m business boost

Hawick Knitwear went into administration this year with the loss of more than 100 jobs

Business Minister Paul Wheelhouse has announced the four areas to share a £10m fund designed to boost economic development.

Hawick, Irvine, Clackmannanshire and Fife will benefit from the investment.

It will be used to deliver a range of projects in each area which it is hoped can help to develop the local economy.

The biggest portion of the funding goes to Hawick which has suffered a series of setbacks including the loss of more than 100 jobs at Hawick Knitwear.

Mr Wheelhouse said: "As was made clear in the Programme for Government, we wanted to introduce measures to boost business confidence and keep our economy moving.

"I'm pleased to now be able to confirm the four areas that will receive a share of the £10m, I have no doubt that these projects will help to drive our economy and provide a real benefit to people across the country.

"In the wake of the EU referendum, we have committed to protecting Scotland's interests, particularly our economic interests."

He said they had been working to ensure money reached the areas where it was "most needed".

"Local businesses can be the engines of our economy and strong local economies are crucial to our success," he said.

The full breakdown of the funding is:

• Hawick - £3.625m

• Fife - £2.7m

• Clackmannanshire - £2m

• Irvine - £1.675m

It will be used on a range of projects in each area.

The Hawick funding will support a local action plan to "encourage start-ups and retain growing business in the town".

In Clackmannanshire and Fife it will support Longannet task force projects including the creation of business units and enterprise hubs.

The investment in Irvine will help "attract growth companies and investment" in the Irvine Life Science Enterprise Area.

Ettrick, Roxburgh and Berwickshire MSP John Lamont described the money as "really good news for Hawick" and renewed his calls to create an enterprise zone in the town.

"In the north of England these zones have created over 8,000 jobs and millions of pounds of private investment, by offering incentives to new businesses such as lower business rates and better broadband," he said.

"An enterprise zone is the best way to ensure that this funding maximises the benefit for the wider community and existing businesses."