£100 million support for Scottish SMEs

Posted: 30 April 2020

£100 million of new support for Scottish SMEs and self-employed

A new £100 million Scottish Government fund for businesses impacted by COVID-19 is now accepting applications.

The grant funding targets SMEs and the self-employed who may not have qualified for existing support schemes and has been divided into three distinct funds. These funds will start making grant payments in early May.

Applicants can access these funds and more via the www.FindBusinessSupport.gov.scot website. All funds are open for applications today (30 April 2020).

The new funds now accepting applications are:

£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 VisitScotland 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.

You can read today’s full announcement here.

Business support

Businesses across all sectors in the region face a variety of challenges and Opportunity North East (ONE) is connecting them with sources of support that the Scottish Government and UK Government have announced and launched in recent weeks, including those announced today targeting SMEs and the recently self-employed. A range of businesses in the region are seeking support via these schemes.

The ONE team is working with our sector boards and keeping in contact with businesses, partners and colleagues in industry organisations, local authorities, the enterprise and skills agencies, and national government. This work includes connecting businesses to funding support, developing action plans to support businesses and key sectors in the economic recovery phase and maintaining momentum for sector-specific transformational projects.

If we can support you with advice and guidance in the current climate or help you to access the government support available then please contact us via your usual points of contact in ONE.

The primary source of online information on the business funding support that is available in Scotland, including eligibility and how to apply, remains the https://findbusinesssupport.gov.scot/ website.

Those looking for help can also access the most up to date information and resources via the dedicated COVID-19/Coronavirus sections of the following websites, including information on the government business support schemes.