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.