Last week, a £100m Scottish Government fund for SMEs and the newly self-employed was opened for applications. The package of support was split across three distinct funds:
• The Pivotal Enterprise Resilience Fund (PERF) – a £45 million fund for SME firms who are vital to Scotland’s economy
• The Creative, Tourism & Hospitality Enterprises Hardship Fund – a £20 million fund for small creative, tourism and hospitality companies not in receipt of COVID-19 business rates relief
• The Newly Self-Employed Hardship Fund – a £34 million fund for newly self-employed facing hardship through £2,000 grants
Due to an exceptionally high number of applications, the PERF was paused for live applications at 5pm on 5 May to allow partners to review initial completed applications.
In response to this huge demand, the additional £45m announced by the First Minister will further top-up the PERF to ensure even more SMEs vital to Scotland’s local, regional and national economies get the support they require.
Scottish Enterprise, along with Highlands and Islands Enterprise and South of Scotland Enterprise, will continue to deliver this fund.
Steve Dunlop, CEO of Scottish Enterprise, said: “We know the economic impact of COVID-19 on businesses is severe. The significant number of applications for the PERF following its launch last week underscored that.
“This additional funding from the Scottish Government will double the amount of support available as part of the PERF. It will help Scottish Enterprise and partners to meet the demand from the high-quality applications we’ve received from viable but vulnerable SMEs.
“In collaboration with our partners, we will continue to work at pace to ensure the appropriate infrastructure and capacity is in place to deliver this support. Getting the funding to recipients in a quick and efficient matter remains our overarching priority.
“Scottish Enterprise will continue to do all we can to support companies through this time of unprecedented challenge and play our part in resetting, restarting and recovering the country’s economy.”
The PERF remains paused for new applications while the significant volume of applications received to-date are assessed. The two hardship funds for the newly self-employed and the creative, tourism and hospitality sectors remain open for applications.
All updates and developments about support for businesses will continue to be added at findbusinesssupport.gov.scot