£100m Fund Opens at 2pm for Scottish Businesses Impacted by Covid-19

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Economy Secretary Fiona Hyslop announced this morning (30th April) that the Scottish Government’s additional £100m fund for businesses impacted by COVID-19 will be open for applications from 2pm.  Businesses will have to apply for these funds through their local enterprise companies.

This grant funding has been divided into three distinct funds:

  • The Pivotal Enterprise Resilience Fund – a £45m fund for viable but vulnerable SMEs who are vital to Scotland’s economy. Apply via Enterprise Agencies.
  • The Creative, Tourism & Hospitality Enterprises Hardship Fund – a £20m fund for small creative, tourism and hospitality companies not in receipt of COVID-19 business rates relief. Apply via Enterprise Agencies.
  • The Newly Self-Employed Hardship Fund – a £35m fund for the newly self-employed facing hardship through £2,000 grants. Operated by local authorities.

For the Pivotal Enterprise Resilience Fund, support will be targeted at businesses that can demonstrate the following:

  • Drive economic prosperity – for example through wages, employment, exports, supply chain, etc.
  • Are a supplier or potential supplier to NHS or other COVID-19 vital services
  • Are suppliers to other essential businesses
  • Can scale up or diversify due to COVID-19 opportunities
  • Continue to trade or can quickly come out of hibernation
  • Play an important role within their local community

For the Creative, Tourism & Hospitality Enterprises Hardship Fund, support will be targeted at businesses in this sector that can demonstrate financial hardship due to COVID-19.

For each fund, companies must meet the following eligibility criteria:

The Pivotal Enterprise Resilience Fund

  • Companies with up to 249 employees that have been trading successfully prior to COVID-19
  • Less than €50m turnover or balance sheet total of €43m
  • Can demonstrate the funding will support the business to be viable
  • Not in financial difficulty before 31 December 2019
  • Must have business bank account

The Creative, Tourism & Hospitality Enterprises Hardship Fund

  • Companies up to 49 employees
  • Experienced at least a 50% loss of current or projected revenue
  • Not in financial difficulty pre 31th December 2019
  • Are not in receipt of other COVID-19 government support, except Coronavirus Job Retention ‘Furlough’ Scheme
  • Not for pre-revenue companies
  • Must have a business bank account

It is anticipated the application process will take no more than ten working days and successful applicants will receive funds paid 100% upfront within that timeframe.

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