Further details announced on the second phase of funding support for businesses

On the 15 April, the Scottish Government announced a second phase of funding support measures, aimed at businesses who could not access funding previously announced.

The package included a £100m fund to support the newly self-employed and other micro businesses which is expected to be available in the coming days.

Economy Secretary, Fiona Hyslop, confirmed yesterday that the £100m will be broken down into three separate funds which will open for applications by the end of April, with eligible recipients receiving their funds in early May.

These separate funds will be managed by local authorities and enterprise agencies, and will be broken down as follows:

£34m Newly Self-Employed Hardship Fund

Managed by Local Authorities, this fund will be aimed towards the newly self-employed who are excluded from the UK’s scheme but are suffering hardship. Those eligible will be able to apply for grants of £2,000.

£20m Creative, Tourism & Hospitality Enterprises Hardship Fund

Managed by the Enterprise Agencies in partnership with Creative Scotland and VisitScotland, this fund is aimed at creative, tourism and hospitality companies with up to 50 employees, not in receipt of business rates relief. The fund will provide rapid access hardship grants of £3,000 and larger grants of up to £25,000 will also be available where it can be demonstrated that further support is needed.

£45m Pivotal Enterprise Resilience Fund

Managed by the Enterprise Agencies, this fund will be aimed at vulnerable SME firms who are vital to the local or national economic foundations of Scotland. The support and larger grants will depend on the specific need of the enterprise and will be developed by the agencies with added business advice and support.

The Scottish Government is also providing £1 million to top up Creative Scotland’s Bridging Bursaries in the not-for-profit sector.

Note: On Friday 8 May, the Pivotal Enterprise Resilience Fund was doubled to £90m.

We will keep you updated as more information becomes available and the funds are open.

To discuss your eligibility to apply for these support measures, or any others previously announced, please get in touch with your usual EQ contact or call one of our offices.