Grant funding announced for the newly self-employed and SMEs facing hardship

The Scottish Government has confirmed that grant funding for the newly self-employed suffering hardship and Small and Medium size Enterprises (SMEs) in distress will be available in the coming days.

Funding support

The £100 million fund to support the self-employed and SMEs announced last week will be divided as follows:

  • £34 million Newly Self-Employed Hardship Fund, managed by Local Authorities, will be allocated to the newly self-employed 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 Visit Scotland 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
  • £1 million to top up Creative Scotland Bridging Bursaries in the not-for-profit sector.

Timescales

The grant funding will be open for applications by the end of April and recipients will receive funds in early May.

22 Apr 2020