Extra help for firms

Holyrood boosts business support by £40 million

Seafood Restaurant

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.

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