A £100 million package of additional grant support for small and medium sized businesses (SMEs) and newly self-employed people is now open for applications.
The three separate funds will be administered by local authorities and Scotland’s Enterprise Agencies and will begin to pay out grants in early May.
The funds which make up the £100 million support package are as follows:
- £20 million Creative, Tourism & Hospitality Enterprises Hardship Fund, managed by the Enterprise Agencies with support from Creative Scotland and VisitScotland, is for small and micro creative, tourism and hospitality companies not in receipt of business rates relief with grants of up to £25K. For Scotland's screen companies, this fund in particular may be worth exploring as a potential avenue of support.
- £34 million Newly Self-Employed Hardship Fund, managed by Local Authorities, will be allocated to the newly self-employed who are ineligible for UK support (as they became self-employed since April 2019) but are facing hardship with £2,000 grants.
- £45 million Pivotal Enterprise Resilience Fund, managed by the Enterprise Agencies providing bespoke grants and wrap around business support to viable but vulnerable SMEs who are vital to the local or national economic foundations of Scotland.
More about the Creative, Tourism & Hospitality Enterprises Hardship Fund
This fund is for small Scottish creative, tourism and hospitality businesses who have experienced at least 50% loss of current or projected revenue as a result of COVID-19. It is designed for companies that are ineligible for other COVID-19 grant support or are not yet in receipt of the funds they need to survive.
We understand that many practitioners in Scotland’s screen industry operate as limited companies. If you operate your business as a limited company where you are the only Director, we can clarify that your business is eligible to apply for this fund, provided you are not receiving business grants as part of non-domestic rates and meet all other eligibility criteria.
For more information about eligibility, please visit: https://findbusinesssupport.gov.scot/service/coronavirus/creative-or-tourism-and-hospitality-enterprises-hardship-fund
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 COVID-19.
“We also recognise the particular impact of COVID-19 on our creative, tourism and hospitality sector 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.”
Iain Munro, CEO, Creative Scotland said: “Today’s launch of £100 million of funding offers welcome extra assistance for people and organisations across Scotland struggling as a result of the impacts arising from COVID-19. We will support our partners to ensure that those who are eligible in the arts, screen and creative industries can successfully access the new funding as far as possible."
Applicants can access these funds and more via the www.FindBusinessSupport.gov.scot website.