This additional funding will be shared among the Pivotal Enterprise Resilience Fund, which has risen by £30 million to £120 million, and the Creative, Tourism & Hospitality Enterprises Hardship Fund, which has been given an extra £10 million to make it £30 million.
Announcing the extra funding, Cabinet Secretary for Economy Fiona Hyslop said: “We are listening to what businesses need and following the First Minister’s announcement earlier this month that the Pivotal Enterprise Resilience Fund would double to £90 million to meet demand, we will now add a further £30 million to help as many SMEs as possible survive these incredibly difficult times.
“Our creative, tourism and hospitality sector is one where we know there are particular pressures, so we have also increased this fund by £10 million.
“These funds are supporting businesses the length and breadth of Scotland and continue our commitment to ensure every penny of the additional business money that has come to Scotland is passed on to support our economy.
“Crucially, we are also focusing our efforts to help those who are not captured by the UK Government schemes.”
The funds which make up the £185 million support package in Scotland are:
- £120 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
- £34 million Newly Self-Employed Hardship Fund, managed by Local Authorities, allocated to the newly self-employed who are ineligible for UK support (as they became self-employed since April 2019) but are facing hardship
- £30 million Creative, Tourism & Hospitality Enterprises Hardship Fund, managed by the Enterprise Agencies with support from Creative Scotland and VisitScotland for small and micro creative, tourism and hospitality companies not in receipt of business rates grants of up to £25,000
To apply for these funds visit the www.FindBusinessSupport.gov.scot website.
Date published 9 Oct 2020 | Last updated 12 Oct 2020
Choose the right accounting firm for you
Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?
We specialise in supporting independent businesses and work with 80,684 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.
We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 409 locations, meet with us online through video call software, or talk to us by telephone.
Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.