Applications open for lifeline support schemes.
A £100 million package of additional grant support for small and
medium sized businesses (SMEs) and newly self-employed people
opens for applications later today.
The three separate funds will be administered by local
authorities and Scotland’s enterprise agencies and will begin to
pay out grants in early May.
They include a £34 million hardship fund for the newly
self-employed, a £20 million fund for small and micro enterprises
in the creative, tourism and hospitality sectors and £45 million
for viable SMEs crucial to the Scottish economy which are
vulnerable.
Economy Secretary said: “Our economy has been
hit hard by this crisis and previously profitable businesses have
seen demand dry up overnight. Our support will help alleviate the
hardship those individuals and companies are facing.
“I am particularly pleased that we will be able to help the newly
self-employed who do not qualify for the UK’s scheme and are
facing financial hardship as a result of coronavirus (COVID-19).
“We also recognise the particular impact of COVID-19 on our
creative, tourism and hospitality sectors at what would normally
be their busiest period. This fund is intended to relieve the
hardship of smaller firms that are ineligible for other forms of
support.
“As well as dealing with this immediate crisis, we must look to
the future. We must ensure that viable and vital businesses in
all sectors with a part to play in strengthening the resilience
of Scotland’s economy survive this crisis and thrive in future,
which is why £45 million is being allocated to support those
firms.
“We continue to engage with businesses on a regular basis to
understand their needs and press the UK Government to deliver for
them.”
Background:
Applicants can access these funds and more via the www.FindBusinessSupport.gov.scot website.
All funds will be open for applications by 1400.
The funds which make up the £100 million support package are as
follows:
- £34 million Newly Self-Employed Hardship Fund, managed by
Local Authorities, will be allocated to the newly self-employed
who are ineligible for UK support (as they became self-employed
since April 2019) but are facing hardship with £2,000 grants
- £20 million Creative, Tourism & Hospitality Enterprises
Hardship Fund, managed by the Enterprise Agencies with support
from Creative Scotland and VisitScotland for small and micro
creative, tourism and hospitality companies not in receipt of
business rates relief with grants of up to £25K.
- £45 million Pivotal Enterprise Resilience Fund, managed by
the Enterprise Agencies providing bespoke grants and wrap around
business support to viable but vulnerable SMEs who are vital to
the local or national economic foundations of Scotland
The Scottish Government is also providing £1 million to top up
Creative Scotland’s Bridging Bursaries in the not-for-profit
sector.
