SME support doubles | ONE

A Scottish Government fund launched to provide grants for small and medium-sized businesses affected by coronavirus is to be doubled from £45 million to £90 million to help meet existing demand.

The aim of the fund, which is managed by Scottish Enterprise, Highlands and Islands Enterprise, and South of Scotland Enterprise, is to provide grants to SMEs which are vital to Scotland’s local or national economy but have been made vulnerable by this crisis.

While the large volume of received applications are being evaluated, the application process is currently being paused. Payments will still be made to businesses within 10 working days of receiving completed applications and the two hardship funds for the newly self-employed and the creative, tourism and hospitality sectors remain open for applications.

Cabinet Secretary for Economy Fiona Hyslop said: “This extra £45 million is a direct response to feedback from businesses. It demonstrates our determination to support pivotal businesses which are suffering, through no fault of their own."

More details on find can be found at the findbusinesssupport.gov.scot website.