NICOLA Sturgeon is “exploring all options” to try and speed up business grants getting into the bank accounts of traders amid speculation the private sector could take some of the burden off over-stretched councils.

The First Minister said that “opportunities to streamline” funding being handed out by councils is also under active consideration.

The Herald on Sunday revealed that discussions are being held between the Scottish Government, local councils and other organisations to overhaul the model used to dish out the vital support for businesses – with many facing lengthy waits to receive entitlements.

The latest statistics show that the Scottish Government has paid out less than one tenth of funding it has promised to businesses – delivering just £55 million of the £715 million announced by ministers.

READ MORE: Private sector could give out stuttering business grants

The First Minister was asked about the issue at Holyrood by Tory MSP Maurice Golden and confirmed all options are being explored, along with improving processes for councils to hand out funding.

He said: “Reports on the ground indicate councils are being overwhelmed trying to process business support payments with SNP ministers having created a complicated and convoluted support system – so much so, SNP ministers are apparently considering outsourcing some schemes away from councils.

“Can the First Minister confirm if this is the case and if so, which support payments will be outsourced.”

The First Minster said: “What I can confirm is we are exploring all options to make sure we get money to businesses as quickly as possible – something that the Conservatives have called upon us to do and I think, rightly so.

“We have also previously and will continue to look at the administrative support we give to local authorities to help them allocate money as quikcly as possible.”

Ms Sturgeon added: “We do have quite a large number of funding streams for different sectors and different parts of the economy. That is in large part due to the plethora of calls for different funding streams to be allocated to different parts of the economy.

“We will also continue to look for opportunities to streamline that as we go forward. It is really important that businesses get money as quickly as possible.”