Last week saw the launch of a new £100 million package of additional grant support for small and medium sized businesses (SMEs) and newly self-employed people of Scotland. The three separate funds will be administered by local authorities and Scotland’s enterprise agencies and will begin to pay out grants in early May.
What new funds are available within this scheme?
£34 million Newly Self-Employed Hardship Fund, managed by Local Authorities, will be allocated to the newly self-employed who are ineligible for UK support (as they became self-employed since April 2019) but are facing hardship with £2,000 grants
£20 million Creative, Tourism & Hospitality Enterprises Hardship Fund, managed by the Enterprise Agencies with support from Creative Scotland and Visit Scotland for small and micro creative, tourism and hospitality companies not in receipt of business rates relief with 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.
The Scottish Government is also providing £1 million to top up Creative Scotland’s Bridging Bursaries in the not-for-profit sector.
Douglas Russell, Partner, said,
“These new funds are a welcome addition to the specific sectors and individuals who are really feeling the pain of COVID-19 and the negative impacts on their business. I am pleased that the Scottish government has recognised the importance and the need for these measures to help business survive and I would urge every business to check their eligibility urgently.”
For further information and to find out how we can help your business call Douglas Russell on 0791 936 2159 or email Covid19Help@armstrongwatson.co.uk
