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The Scottish Government has revealed a £20m fund for small and micro enterprises in the creative, tourism and hospitality sectors.
It forms part of a £100m package of additional grant support for SMEs and the funds will be administered by local authorities and Scotland’s enterprise agencies and will begin to pay out grants in early May.
Economy secretary, Fiona Hyslop, said Scotland’s economy has been “hit hard by this crisis” and previously profitable businesses have seen demand “dry up overnight”. Hyslop said the support will help “alleviate the hardship those individuals and companies are facing”.
She said: “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 coronavirus (Covid-19).
“We also recognise the particular impact of Covid-19 on our creative, tourism and hospitality sectors 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.”
Hyslop added: “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.”
