£100m to Scots firms so far from Support Fund

The Scottish Government said on Tuesday that businesses across the country have now been awarded more than £100 million through the Scottish Government Business Support Fund.

It said the scheme, announced by Cabinet Secretary Fiona Hyslop at the end of April, has to date helped more than 2,500 businesses and 4,160 self-employed people.

“Now the fund, which started with £100 million of grant support for individuals and companies affected by COVID-19 and has since been topped up to £185 million, is being expanded,” said the Scottish Government.

“Small B&Bs, who were ineligible for other support due to not having a business bank account, will be able to apply for a share of £3 million of funding which has been re-purposed from the Newly Self-Employed Hardship Fund.

“This funding for small B&Bs will be administered by local authorities and applications are expected to open on 15 June.”

Businesses can visit FindBusinessSupport.gov.scot for the latest information on funding.

Hyslop said: “On 30 April, we launched a £100 million package across three business support funds offering targeted support to the creative, tourism and hospitality sector, SMEs which are vital to their local economies, and the newly self-employed.

“One month on and we have awarded more than £104 million of grants supporting over 2,500 businesses and 4,160 self-employed people.

“We have topped up these funding streams by a further £85 million given the volume of  applications received, and these additional funds will enable us to reach more businesses in need.

“Today I announced that £3 million of the Newly Self-Employed Hardship Fund allocation will be re-purposed to support B&Bs who were ineligible for other support due to not having a business bank account.

“These businesses are an important part of Scotland’s tourism sector, particularly in rural areas, yet were not eligible for support from the hardship fund.

“I hope this change will help ensure they are ready to welcome visitors once again as soon as circumstances allow.

“This support is not available to equivalent businesses in the rest of the UK and is another example of how the Scottish Government is reacting to meet the needs of businesses during the coronavirus pandemic.”

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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.