Thursday, 14 May, 2020
Further support for SMEs struggling with coronavirus-related pressures can now be applied for.
The Pivotal Enterprise Resilience Fund has been created for SME businesses that can play a critical role in supporting Scotland's economic recovery following the coronavirus (COVID-19) outbreak, but need some immediate support. This might be to get back up-and-running or to maintain or diversify current operations.
Businesses that have the potential to continue trading and supporting employment but have an immediate cash flow challenge are being targeted. The fund will support these companies with working capital to help them continue trading or to come out of hibernation when the time is right. Firms need to prove that they are pivotal to the local, regional or national economy.
This is a £90 million programme. Support levels will depend on the specific need of the enterprise and will be developed by the relevant Enterprise Agency with wraparound business advice and support.
Grants should be for working capital to help meet a cash flow gap and secure the future of the business in the medium-term. These can include payments for rent, wages, directors’ salaries, heat, light & power, materials, transport, financing costs-VAT/HMRC, creditor payment.
The fund reopened for new applications from mid-morning on Thursday 14 May 2020. The volume of new applications will be closely monitored and the funder expects full capacity to be reached quickly. It is anticipated that it will close at 5pm on Monday 18 May 2020.
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.