A £100 million package of additional grant support for small and medium sized businesses (SMEs) and newly self-employed people has opened for applications.
The announcement will see 3,784 Edinburgh businesses receive £49.45 million cash support to help them through the coronavirus crisis.
The three separate funds will be administered by local authorities and Scotland’s enterprise agencies and will begin to pay out grants in early May.
They include a £34 million hardship fund for the newly self-employed, a £20 million fund for small and micro enterprises in the creative, tourism and hospitality sectors and £45 million for viable SMEs crucial to the Scottish economy which are vulnerable.
Economy Secretary Fiona Hyslop said: “Our economy has been hit hard by this crisis and previously profitable businesses have seen demand dry up overnight. Our support will help alleviate the hardship those individuals and companies are facing.
“I am particularly pleased that we will be able to help the newly self-employed who do not qualify for the UK’s scheme and are facing financial hardship as a result of coronavirus (COVID-19).
“We also recognise the particular impact of COVID-19 on our creative, tourism and hospitality sectors at what would normally be their busiest period. This fund is intended to relieve the hardship of smaller firms that are ineligible for other forms of support.
“As well as dealing with this immediate crisis, we must look to the future. We must ensure that viable and vital businesses in all sectors with a part to play in strengthening the resilience of Scotland’s economy survive this crisis and thrive in future, which is why £45 million is being allocated to support those firms.
“We continue to engage with businesses on a regular basis to understand their needs and press the UK Government to deliver for them.”
SNP MSP Gordon MacDonald (above) has welcomed new figures showing that 3,784 businesses in the capital have received Scottish Government grants to support firms through the coronavirus crisis.
A total of £49.45 million has been awarded in Edinburgh through a Scottish Government scheme to support small businesses and the retail, hospitality and leisure sector.
The small business grant is worth over £1 billion to business, and is part of the wider business support package worth £2.3 billion.
In order that funding can be distributed as quickly as possible, eligibility for the grant scheme is linked to the non-domestic rates system.
Edinburgh Pentlands MSP Gordon MacDonald said: “This is a very difficult time for businesses.
“This Scottish Government funding is designed to support firms and ensure that our economy is on the best possible footing when we get through this health crisis.
“Our support for business is now worth £2.3 billion. This is more than the Scottish Government has received from the UK Government and actively works to fill the gaps in the UK schemes with tailored support for the Scottish economy.
“I encourage all businesses across Edinburgh to ensure they are receiving the support they’re entitled to.”
Applicants can access these funds and more via the www.FindBusinessSupport.gov.scot website.
