£100m fund opens for smaller firms, self-employed

A £100 million package of additional grant support for small and medium sized businesses (SMEs) in Scotland and for newly self-employed people opens for applications on Thursday.

Three separate funds will be administered by local authorities and Scotland’s enterprise agencies and will begin to pay out grants in early May.

They include a £34 million hardship fund for the newly self-employed, a £20 million fund for small and micro enterprises in the creative, tourism and hospitality sectors and £45 million for viable SMEs crucial to the Scottish economy which are vulnerable. 

Economy Secretary Fiona Hyslop said: “Our economy has been hit hard by this crisis and previously profitable businesses have seen demand dry up overnight.

“Our support will help alleviate the hardship those individuals and companies are facing.

“I am particularly pleased that we will be able to help the newly self-employed who do not qualify for the UK’s scheme and are facing financial hardship as a result of coronavirus (COVID-19).

“We also recognise the particular impact of COVID-19 on our creative, tourism and hospitality sectors at what would normally be their busiest period.

“This fund is intended to relieve the hardship of smaller firms that are ineligible for other forms of support.

“As well as dealing with this immediate crisis, we must look to the future. We must ensure that viable and vital businesses in all sectors with a part to play in strengthening the resilience of Scotland’s economy survive this crisis and thrive in future, which is why £45 million is being allocated to support those firms.

“We continue to engage with businesses on a regular basis to understand their needs and press the UK Government to deliver for them.”

Applicants can access these funds and more via the www.FindBusinessSupport.gov.scot website.

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.