The grant funding has been divided into three distinct funds:
• The Pivotal Enterprise Resilience Fund – a £45 million fund for viable but vulnerable 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
Scottish Enterprise, along with Highlands and Islands Enterprise and South of Scotland Enterprise will deliver both the Pivotal Enterprise Resilience Fund and the Creative, Tourism & Hospitality Enterprises Hardship Fund, with support from Creative Scotland and VisitScotland.
Companies can apply via our partnership website FindBusinessSupport.gov.scot/.
Steve Dunlop, Chief Executive of Scottish Enterprise, said: “The economic impact of COVID-19 on businesses cannot be underestimated. We know that many companies are facing challenges they’ve never experienced before and will likely never encounter again.
“That’s why this additional Scottish Government support, shaped by the unique insights that Scottish Enterprise has been gathering and sharing from businesses, is timely and welcome. It will be targeted at those who need it most – SMEs that are the backbone of our local and national economies and those who may have not previously been in receipt of financial support.
“In collaboration with partners, we’ve been working 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 is of critical importance to us.
“Scottish Enterprise is proud to be playing its part in the ‘Team Scotland’ response to COVID-19. This collaborative approach will be vital to allow us to reset, restart and recover the country’s economy.”
Full details on what information companies will need to provide as part of the application process can be viewed at FindBusinessSupport.gov.scot