Nicola Sturgeon has been accused of issuing a “hollow promise” to help Scottish business in the wake of the Brexit vote.
The £500million Scottish Growth Scheme was one of the centrepiece announcements of the first minister’s programme for government.
But the Scottish Liberal Democrats have claimed the fund is “still under development” and suggested it could be “some time” before businesses “crying out” for support get any cash.
Under the plans, individual investment guarantees – and some loans – of up to £5million would be available to small and medium-sized firms.
The Scottish Government said it was “a half-billion pound vote of confidence in Scottish business”.
But Scottish Lib Dem leader Willie Rennie said: “The SNP government trumpeted this announcement as a big part of their economic response to Brexit but now it emerges that businesses won’t see any of that help for some time yet.
“The parliamentary answers show the scheme is still under development, no markets have been specifically identified yet and new parliamentary procedures will be required.
“Businesses crying out for support will think this is another hollow promise from the first minister.”
The Scottish Government has argued that the UK-wide vote to leave the EU could end up costing the economy north of the border billions.
As well as the Scottish Growth Fund, the first minister also announced plans to accelerate £100million of capital spending to try to boost economic growth.
A Scottish Government spokesman said: “As the first minister has stated, the Scottish Growth Fund is being set up as an exceptional response to an exceptional economic challenge in the wake of the EU referendum and the uncertainty that it has created.
“It is a half-billion pound vote of confidence in Scottish business, Scottish workers and the Scottish economy and yet another example of the Scottish Government working to give certainty and stability while the UK Government continues to provide anything but.
“Discussions with businesses, lenders and the UK Government to agree the detailed criteria for the scheme are ongoing as it is important that the process we put in place is the right one for Scotland’s economy.”