The Scottish Government’s Business Support Fund has been
increased by £40 million to provide additional support for key
sectors of the Scottish economy.
This extra funding will be split between the Pivotal Enterprise
Resilience Fund, which has increased by £30 million to £120
million, and the Creative, Tourism & Hospitality Enterprises
Hardship Fund, which has increased by £10 million to £30 million.
Both funds closed to applications on 18 May.
Cabinet Secretary for Economy said:
“We are listening to what businesses need and following the First
Minister’s announcement earlier this month that the Pivotal
Enterprise Resilience Fund would double to £90 million to meet
demand, we will now add a further £30 million to help as many
SMEs as possible survive these incredibly difficult times.
“Our creative, tourism and hospitality sector is one where we
know there are particular pressures, so we have also increased
this fund by £10 million.
“These funds are supporting businesses the length and breadth of
Scotland and continue our commitment to ensure every penny of the
additional business money that has come to Scotland is passed on
to support our economy.
“Crucially, we are also focusing our efforts to help those who
are not captured by the UK Government schemes.”
Background:
Businesses can visit FindBusinessSupport.gov.scot for
the latest information on funding opportunities.
The funds which make up the £185 million support package are as
follows:
- £34 million Newly Self-Employed Hardship Fund, managed by
Local Authorities, allocated to the newly self-employed who are
ineligible for UK support (as they became self-employed since
April 2019) but are facing hardship
- £30 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
- £120 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 scheme in the
not-for-profit sector.
