Chamber News 20th May 2020
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 £30 million to £120 million, and the Creative, Tourism & Hospitality Enterprises Hardship Fund, which has increased by £10 million to £30 million. Both funds closed to applications on 18 May.
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 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 £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 focusing our efforts to help those who are not captured by the UK Government schemes.”
Welcoming the Scottish Government’s announcement, Dr Liz Cameron, Chief Executive of the Scottish Chambers of Commerce said:
“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.’’