Scottish Government adds £40m to Business Support Fund

Scottish Government adds £40m to Business Support Fund

Fiona Hyslop

The Scottish Government’s Business Support Fund has been increased by £40 million to provide additional support for key sectors of the Scottish economy.

This extra funding will be split between the Pivotal Enterprise Resilience Fund, which has increased by £30m to £120m, and the Creative, Tourism & Hospitality Enterprises Hardship Fund, which has increased by £10m to £30m. Both funds closed to applications on May 18.

Fiona Hyslop, cabinet secretary for economy, 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 £90m to meet demand, we will now add a further £30m 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 £10m.

“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.”

Dr Liz Cameron, chief executive of the Scottish Chambers of Commerce, commented: “Businesses in Scotland have been severely impacted by the lockdown, particularly in rural areas with the risk of a real collapse in businesses and jobs which hold together the fabric of so many communities. It is welcome that the Scottish Government has responded to these urgent pleas. It is this sort of flexibility that will ensure as many jobs are saved as is possible.’’

  • Read all of our articles relating to COVID-19 here.

 

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