A one-off investment of £3.5 million will support local business growth, with £1 million identified for a new business grant programme. This will target the retrofit of private sector industrial properties, enabling companies to modernise properties and invest in decarbonisation and energy efficiency, with grant awards of up to £50,000.

Investment of £2 million, which in turn will unlock a total of £11 million in investment borrowing, will go towards creating new industrial developments and serviced development plots.   

As a first step a feasibility study will be undertaken to scope out development opportunities for the council’s Canderside site in Larkhall as well as other sites across the area.

Improvements to the council’s business centres will take place with an investment of £500,000, which will also consider the delivery model for providing this service.

Extra recurring funding of £400,000 will mean the total now available through Expanded Business Grants will be £500,000 and will provide a boost to the local economy.

At present grant awards are up to £5,000, increasing this to £20,000 will support a wider range of businesses to invest in growth, modernisation, and sustainability measures.

Head of Enterprise and Sustainable Development, Alison Brown, said: “These combined measures stimulate economic growth, attract new investment, create employment opportunities, and help sustain a thriving local business base.

“It will help meet growing demand locally, allowing businesses to start up and expand within South Lanarkshire rather than relocating elsewhere.”

The investment is part of an almost £40 million funding boost after political groups came together to agree the Budget for People and Place in South Lanarkshire for 2026-27.