£10 Million to Ease COVID-19 Pressures within Scotland’s Seafood Sector

£10 Million to Ease COVID-19 Pressures within Scotland’s Seafood Sector

Funding is now available to address sudden shortages or unavailability of finance for seafood businesses in Scotland due to the COVID-19 pandemic.

Through the new Scottish Seafood Business Resilience Fund, financial support is being provided to seafood processors in Scotland to help them manage economic pressures related to coronavirus (COVID-19).

With many seafood businesses fighting for survival, and in turn threatening livelihoods in coastal communities, the Fund provides grants to businesses suffering severe hardship following the shutdown of international markets and the food service industry across the UK.

The programme has a total budget of £10 million. This specific support will be provided through grants. The maximum level of grant may vary depending on the business and the application, with the absolute maximum available being £100,000.

The intervention is intended to support the fixed costs of operating the business. Support will cover costs for a three-month period.

All shellfish and seafood processing businesses in Scotland, including those involved in exporting live seafood and shellfish and, in doing so, undertake associated husbandry, that have/are suffering severe hardship can apply.

Rural Economy Secretary Fergus Ewing said:

‘Our seafood processors are the lifeblood of many rural and coastal communities, supporting thousands of local jobs and producing some of the finest seafood in the world.

‘The industry has been very clear that cash flow is the critical issue facing businesses and this new fund seeks to inject capital into businesses to help them meet their ongoing costs, keep the business solvent and keep people on the payroll.’

The deadline for applications is Monday 20 April (17:00 BST).

More information about this funding opportunity and the application process is available on the GRANTfinder funding information platform. GRANTfinder provides up-to-the minute content, insight and analysis on funding news. To find out more about how GRANTfinder can keep you in the know, and subscription fees, contact us today.