Business fund doubled after rush for grants

First Minister Nicola Sturgeon

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The Scottish Government has doubled a £45 million fund for  businesses following a flood of applications.

The Pivotal Enterprise Resilience Fund saw an ‘exceptionally high’ number of applications when it opened.

It was ‘paused’ earlier this month to allow applications already submitted to be reviewed.

First Minister Nicola Sturgeon has announced that a further £45 million will go into the Pivotal Enterprise Fund – doubling the original pot of money set aside for small-to-medium enterprises ‘vital to Scotland’s economy’.

Supporters say the move will ensure even more SMEs will get support.

Scottish Enterprise, working with Highlands and Islands Enterprise and South of Scotland Enterprise, will deliver the fund across the area.

HIE will appraise applications and ensure that it takes account of businesses playing an important role in local economies.

It said: ‘This additional funding from the Scottish Government will help meet the demand from the high-quality approved applications that have been received from viable, but vulnerable, SMEs.

‘Work continues to ensure the appropriate infrastructure and capacity is in place to deliver this support, and our appraisers are working at pace to get the funding to recipients in a quick and efficient matter.’

The fund runs alongside a £20 million ‘Creative, Tourism & Hospitality Enterprises Hardship Fund’ for small creative, tourism and hospitality companies not in receipt of COVID-19 business rates relief

Furthermore, there is a £34 million ‘Newly Self-Employed Hardship Fund’  for newly self-employed people facing hardship through £2,000 grants.

Updates about support for businesses can be found at findbusinesssupport.gov.scot