Economy Secretary has confirmed that grant
funding for the newly self-employed suffering hardship and SMEs
in distress will be available in the coming days.
The £100 million fund to support the self-employed and SMEs
announced last week will be broken into three separate funds as
follows:
• £34 million Newly Self-Employed Hardship Fund, managed by
Local Authorities, will be allocated to the newly self-employed
facing hardship through £2,000 grants
• £20 million Creative, Tourism & Hospitality
Enterprises Hardship Fund, managed by the Enterprise Agencies in
partnership with Creative Scotland and VisitScotland for
creative, tourism and hospitality companies not in receipt of
business rates relief
• £45 million Pivotal Enterprise Resilience Fund, managed by
the Enterprise Agencies for vulnerable SME firms 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.
Speaking in parliament, Ms Hyslop also confirmed that the grant
funding will be open for applications by the end of April, and
that recipients will receive funds in early May.
She said:
“This funding is intended to relieve the hardship of individuals
and smaller firms that are ineligible for support from the UK
Government or are not in receipt yet of the funds they need to
survive.
“Our hospitality, tourism and creative sectors have been
decimated by this crisis and previously profitable businesses
have seen demand dry up overnight.
“However, because of the decisions the Scottish Government has
taken, thousands more self-employed people and small businesses
will be able to benefit from support compared with elsewhere, and
we have been able to help sectors of the economy that are not
being supported in other parts of the UK.
“As well as dealing with this immediate crisis, we must look to
the future. We must ensure that those businesses with a part to
play in strengthening resilience in Scotland’s economy survive
this crisis and thrive in future, which is why £45 million is
being allocated to 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
The recently self-employed, who are excluded from the UK’s scheme
but suffering hardship, will be able to receive £2,000 grants.
For creative, tourism and hospitality companies of up to 50
employees not receiving business rates relief, there will be
rapid access £3,000 hardship grants or larger grants up to
£25,000 where it can be demonstrated support is needed. The
support and larger grants for pivotal SME enterprises will depend
on the specific need of the enterprise and be developed by the
relevant enterprise agency with wraparound business advice and
support.
