The SNP 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 MSP 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.”
Kenneth Gibson MSP commented:
“I am please that the SNP Government continues to adapt support to businesses and organisations across Ayrshire and Scotland throughout this crisis.
“Last week we saw the extension of the Small Business Grant Fund to allow charities to apply for £10k grants and now there is additional funding for the hugely sought after Pivotal Enterprise Resilience Fund and more funding for the creative industry, tourism and hospitality businesses.”
Businesses can visit FindBusinessSupport.gov.scot for the latest information on funding opportunities.
The Small Business Grant Fund is administered by North Ayrshire Council. Applications can be made here.
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 SNP Government is also providing £1 million to top up Creative Scotland’s Bridging Bursaries scheme in the not-for-profit sector.