A conversation with Norrie Cook, Head of Investment, The FSE Group – Large Debt Fund for Scotland
Kicking off 2026 strong, Fiona from The HR Practice welcomed Norrie Cook to a LinkedIn Live session to break down what it really takes to secure growth funding in Scotland. From the inside view of The FSE Group’s £40 million Investment Fund for Scotland (Large Debt), Norrie shared insight after insight for scaling businesses looking for loans of £100k to £2 million.
What is the Investment Fund for Scotland?
Unlike traditional banks, this fund focuses on future potential, not just historical financials. The fund is split into three pots: equity (via Maven), small loans (via DSL), and large debt (via The FSE Group).
Norrie’s team works across Scotland, deploying capital to help SMEs scale up, hire, innovate, or expand. It’s designed to plug the gap for businesses that are too risky for banks but not looking to give away equity.
What Makes a Business Investment-Ready?
Here’s what Norrie and his team look for:
🔹 A clear, costed growth plan (not “I need £500k” – more “Here’s what we’re doing, and what it will cost”)
🔹 A credible, capable leadership team with a plan they can deliver
🔹 Strong financial management (even a fractional FD is a huge asset)
🔹 A funding strategy that makes sense and stacks up with the numbers
“We lend based on your future. The numbers back the story, but the story is everything.”
Where the Money Goes: People First
Roughly 60% of the funding The FSE Group provides goes to people – hiring, training, leadership development, or bringing in key team members like FDs or sales staff.
Other uses:
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Moving premises or expanding sites
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Investing in equipment or systems
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Funding upfront costs for new contracts
Funding can be structured to suit the reality of scaling – including repayment holidays or drawdowns in stages.
Common Mistakes Businesses Make
🔹 Not knowing where to get funding
🔹 Assuming debt is unaffordable
🔹 Being unprepared with the right financial info
Norrie’s advice? Treat it like any big opportunity. Get help. Use your accountant, an FD, a business advisor. Spend a bit to prepare well and you’ll save more in the long run.
“You invest in training your staff. Why wouldn’t you invest in getting the right funding?”
What Happens After You Get the Money?
Unlike a bank loan, this is not a “see you later” deal. The FSE team:
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Keeps in monthly contact
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Helps spot early risks or new opportunities
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Can even issue a second loan if growth takes off
Scotland’s Business Opportunities in 2026
AI and automation: Don’t fear it. Use it to unlock time and capacity
Export mindset: Your market is bigger than Scotland. Think global
Energy transition: Huge opportunity in renewables and related supply chains
Space tech: Scotland now produces more satellites than any country in Europe
And across all sectors? Apprenticeships and early-career training are essential. Businesses that invest in people will win.
Final Thought: Don’t Go It Alone
Whether you’re preparing for funding or planning your next growth phase:
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Build your team with different strengths
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Use Scotland’s rich business ecosystem (from Scottish EDGE to local banks)
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Ask for help early
“Think of your business like a football team. You don’t need 11 goalies – you need a balanced squad. Your job is to be the coach.”
Need help getting funding-ready? At The HR Practice, we work with ambitious Scottish businesses to build leadership teams, strengthen people strategy, and support growth with confidence.
Let’s get you investment-ready. Reach out today.
