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Additional £40 million of support announced for key sectors of Scottish economy hit by coronavirus crisis

By Val Sweeney

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Fiona Hyslop, Cabinet Secretary for Economy.
Fiona Hyslop, Cabinet Secretary for Economy.

Extra funding totalling £40 million has been announced to provide additional support for key sectors of the Scottish economy including tourism and hospitality hit by the coronavirus pandemic.

The funding for the Scottish Government’s business support fund will be split between the pivotal enterprise resilience fund, which has increased by £30 million to £120 million, and the creative, tourism and hospitality enterprises hardship fund which has increased by £10 million to £30 million.

Both funds closed to applications on May 18.

Cabinet Secretary for Economy Fiona Hyslop 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 £90 million to meet demand, we will now add a further £30 million to help as many small and medium-sized enterprises 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 £10 million.

“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 focussing our efforts to help those who are not captured by the UK government schemes.”

The creative, tourism and hospitality enterprises hardship fund, managed by the enterprise agencies with support from Creative Scotland and VisitScotland, is for small and micro creative, tourism and hospitality companies not in receipt of business rates relief. It provides grants of up to £25,000.

The pivotal enterprise resilience fund, managed by the enterprise agencies, provides bespoke grants and wrap-around business support to viable but vulnerable small and medium-sized enterprises which are vital to the local or national economic foundations of Scotland.

Businesses can visit https://findbusinesssupport.gov.scot/ for the latest information on funding opportunities.

Related article: Emergency funds reaching culture sector

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