Three funds aim to help self-employed and SMEs
Fiona Hyslop: ‘we must look to the future’
Grant funding for the newly self-employed and SMEs in distress will be available in the coming days.
Scottish Economy Secretary Fiona Hyslop confirmed that a £100 million fund to support the self-employed and SMEs announced last week will comprise three separate funds as follows:
– £34 million Newly Self-Employed Hardship Fund, managed by local authorities, will be allocated to those 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 SME firms 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.
Speaking in parliament, Ms 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.
She said: “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.
“Our hospitality, tourism and creative sectors have been decimated by this crisis and previously profitable businesses have seen demand dry up overnight.