£100 Million Funding Increase for SME’s in Scotland
The Scottish Government has announced a new £100 million package of additional grant support for small and medium sized businesses (SMEs) and newly self-employed people.
The money is allocated to three separate funds. The funds opened for applications on 30 April 2020 with the first funds expected to be paid out in early May. The funds are being administered by local authorities and Scotland’s enterprise agencies.
The funds comprise the following:
- £34 million Hardship Fund for the newly self-employed, managed by Local Authorities. The newly self-employed may not be eligible for UK support (as they became self-employed since April 2019) but are facing hardship never-the-less. Grants offered to this category amount to £2,000 per claim.
- £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 who are not in receipt of business rates relief. Businesses in this category will receive 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.
In addition, the Scottish Government is also providing £1 million to top up Creative Scotland’s Bridging Bursaries in the not-for-profit sector.