Scottish Government announces an additional £40 million of support for key sectors
20 May 2020
On 20 May 2020, the Scottish Government announced that it will increase its Business Support Fund by £40 million, giving additional support to the key sectors of the Scottish economy.
It has been advised that the additional funding will be split between the Pivotal Enterprise Resilience Fund, taking the funding up to £120 million (increased by £30 million) and to the Creative Tourism and Hospitality Enterprise Hardship Fund, with an increase of £10 million taking the maximum claim-back to £30 million. Applications for both funds closed on 18 May.
Fiona Hyslop, Cabinet Secretary for Economy, advised that the government has been listening to what businesses need, and is following on from what the First Minister announced earlier this month, in that the Pivotal Enterprise Resilience Fund would double to £90 million to meet demand. The plan is to aid as many SMEs as possible in surviving the current climate, and to support this would a further £30 million would be added to this fund. She also noted that the government were aware of the pressures within the creative, tourism and hospitality sectors and have, therefore, increased those limits by £10 million.
Fiona Hyslop said :
“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.”
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