Business / Details announced for additional business grant funding
The £100 million fund, announced last week, is in addition of the £2.2 billion package in support of businesses affected by the Covid-19 pandemic.
The minister said funding under the new schemes should become available over coming days. It 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 small and medium sized firms that are vital to the local or national economic foundations of Scotland.
Speaking in parliament on Tuesday 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.
“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.”
The recently self-employed 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.
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