Applications open for £100m fund supporting SMEs and newly self-employed people

Today (30 April 2020), applications opened for the Scottish Government’s £100 million package of additional grant support for small and medium-sized businesses (SMEs) and newly self-employed people.

This funding will be delivered through three separate funds that will be administered by local authorities and Scotland’s enterprise agencies.

Support includes 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 but vulnerable SMEs crucial to the Scottish and local economy.

Businesses should visit findbusinesssupport.gov.scot to apply.

Commenting, Stuart said:

“Scotland’s economy has been hit hard by the effects of COVID-19 and previously profitable businesses have seen demand dry up overnight. This support will help alleviate the hardship those individuals and companies are facing.

“I am particularly pleased that this funding will help the newly self-employed who do not qualify for the UK Government’s Self-Employment Income Support Scheme and are facing financial hardship as a result of COVID-19.

“The Scottish Government also recognises 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 and ensure businesses are able to open their doors when this pandemic has subsided.

“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.

“The Scottish Government continues to engage with businesses on a regular basis to understand their needs and press the UK Government to deliver for them. As your local MSP, I am also contacting the Scottish and UK governments about issues local businesses are facing in accessing support to address any gaps that still remain.”