Swamped Scottish Enterprise suspends new fund
Applications have overwhelmed Scottish Enterprise
Scottish Enterprise has been forced to suspend a new fund to help cash-strapped businesses after being swamped with applications.
The agency announced this evening that from 5pm tomorrow (5 May) the Pivotal Enterprise Resilience Fund will shut for a week to allow detailed assessment of initial applications.
A spokesperson on behalf of the delivery partners said: “We would like to thank businesses for their applications for the COVID-19 business resilience and hardship funds.
“Due to the exceptionally high volume of applications, the Pivotal Enterprise Resilience Fund will pause for live applications from 5pm on 5 May 2020 to allow partners to review initial completed applications.
“On completion of this review we will advise businesses of next steps relating to the Fund, which is expected to reopen to applications next week.
“The Creative, Tourism and Hospitality Enterprises Hardship Fund and the Newly Self-Employed Hardship Funds remain open for applications and eligible businesses are encouraged to apply online through our Find Business Support site.”
SE is working with partner agencies, including Highlands & Islands Enterprise, South of Scotland Enterprise, VisitScotland and Creative Scotland, to ensure the funds are provided to the most relevant companies as per the application criteria.
Detailed guidance including information on how applications are being assessed is available on the Find Business Support page.
UK banks said they had received more than 45,000 applications in a single day for the new Bounce Back Loans scheme which went live today.
Barclays said it received 200 applications in the first minute and Lloyds 5,000 within three hours.
It offers loans up to £50,000 and is designed to be simpler and quicker than the existing Coronavirus Business Interruption Loan Scheme (CBILS).
Barclays said its first bounce back loans will be awarded within 24 hours.
CBILS offer loans of up to £5m and are available for companies with a turnover of less than £45m.