Extra help for firms
Holyrood boosts business support by £40 million
The hospitality sectort has been hard hit
The Scottish Government’s Business Support Fund has been increased by £40 million to provide additional help for key sectors of the Scottish economy.
This extra funding will be split between the Pivotal Enterprise Resilience Fund, which has increased by £30m 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.
The Pivotal fund for vulnerable SMEs has already been doubled from its initial £45m to £90m in response to a deluge of applications which forced it to be suspended for a week 24 hours after opening.
The new funding comes as pressures mount on business survival ahead of the Scottish government providing guidance on a route map out of lockdown.
New figures today reveal that the hospitality industry has suffered the biggest loss of jobs because of the impact of the coronavirus.