Additional £40 million of business support announced

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 Fiona Hyslop 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.