As well as government based support many National Organisations and lenders have created industry specific grants and aid, development opportunities and low-risk lending incentives. These can be used in tandem with government grants and should not affect your personal or business credit rating.
The Pivotal Enterprise Resilience Fund was paused for live applications but is now open again. Due to high demand, both funds – PERF and the Creative, Tourism and Hospitality Hardship Fund (more below) are anticipated to close at 5pm on Monday 18 May.
If you wish to apply please ensure you submit your application by this date.
- A package worth £60 million agreed with the water industry to help businesses facing difficulties with water charges during the outbreak.
- A £2 million fund launched by Creative Scotland to help artists and freelancers with grants of between £500 and £2,500.
- Coronavirus Business Interruption Loan Scheme
- Bounce Back Loan for Small Businesses and the self-employed to borrow between £2,000 and £50,000.
Other Financial Help
LATEST UPDATE: Scottish Enterprise expect a large volume of new applications for this fund and full capacity will be reached quickly. It is anticipated that it will close at 5pm on Monday 18 May.
This grant is for businesses that can play a critical role in supporting Scotland’s recovery but need some immediate support. It might be to get back up and running or to maintain or diversify your current operations.
If you have the potential to continue trading and supporting employment but have an immediate cash flow challenge, then this grant is for you.
Am I eligible?
- Your company has up to 249 employees that have been trading successfully before Covid19
- Less than €50 million turnover or balance sheet total of €43 million
- Can demonstrate the funding will support business to be viable
- You were not in financial difficulty before 31 December 2019
- You are a Fair Work employer or working towards becoming a Fair Work employer
- You have a business bank account
Who is this for?
This is for businesses that will make an impact on the Scottish economy on a local, regional or national level. Businesses must be involved in or meet one of the following conditions:
- Can drive economic prosperity through wages, employment, exports, supply chain etc
- Be a supplier or potential supplier to NHS or other COVID-19 vital services
- A supplier to other essential businesses
- Can scale up or diversify due to COVID-19 opportunities
- Have a plan to continue to trade in the coming months, taking account of any hibernation or reduced operations as a result of Covid-19
- Can use the grant for working capital to help meet a cash flow gap or can be used to augment other funding from Government and other sources
- Can use the grant to contribute to cashflow items e.g. rent, wages, directors’ salaries, heat, light and power, materials, transport, financing costs-VAT/HMRC, creditor payment
If you meet the eligibility criteria your application will be reviewed and successful applicants will be notified. You must formally accept the offer within 3 days and money will then be paid 100% upfront.
Before you apply, you must meet some criteria and have information to hand. You will need to:
- meet the stated eligibility criteria
- provide a bank statement from your business bank account that is less than three months old
- provide a Companies House registration number if you are a registered business
- provide a VAT registration number if you are registered for VAT
- provide information to complete a 12 month cash flow table
If you have additional questions about your application, see the Scottish Enterprise further information page for guidance.
This new fund is part of the Scottish government’s £100 million package of measures, and is being administered by Scottish Enterprise. It will assist small Scottish creative, tourism and hospitality businesses who have experienced at least 50% loss of current or projected revenue as a result of the COVID-19 lockdown.
Are you eligible?
You must meet these criteria in order to apply:
- Your company has up to 49 employees
- You have experienced at least a 50% loss of current or projected revenue
- You were not in financial difficulty before 31 December 2019
- You are not in receipt of other COVID-19 government support, except the Furlough Scheme
- You are not a pre-revenue company
- You have a business bank account
Applicants must read the detailed guidance for applying before they visit the Scottish Enterprise partner site to start their application. For more information please visit the Find Business Support website >>>
The Chancellor’s much-anticipated Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000.
The scheme is open for all UK based businesses that have been negatively affected by coronavirus, and comes with a 100% government guarantee as well as a waiver on fees and interest for the first 12 months.
The scheme will be delivered through a network of accredited lenders that have been working with government to allow them to agree no repayments for the first year, and a low rate of interest for the remaining period of the loan (up to 6 years).
How to apply
The full rules of the scheme and guidance on how to apply is available on the British Business Bank website
You cannot apply if you’re already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS). If you’ve already received a loan of up to £50,000 under CBILS and would like to transfer it into the Bounce Back Loan scheme, you can arrange this with your lender until 4 November 2020.
The Coronavirus Business Interruption Loan Scheme (CBILS) is now available through participating lenders and can provide facilities of up to £5m for smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
Please note that crucially, the scheme simply provides the lender with a government-backed guarantee and the borrower always remains 100% liable for the debt. However, at this difficult time it may potentially change a ‘no’ credit decision from a lender to become a ‘yes’. CBILS supports term loans, overdrafts, invoice finance and asset finance.
Smaller businesses from all sectors can apply. To be eligible an SME must be UK-based in its business activity, with annual turnover of no more than £45m. You should also have a borrowing proposal which would be considered viable by the lender were it not for the current pandemic.
- Up to £5m facility: The maximum loan value will be £5m on repayment terms of up to six years.
- 80% guarantee: The scheme provides the lender with a government-backed, partial guarantee (80%) against the outstanding facility balance, subject to an overall cap per lender.
- No guarantee fee for SMEs to access the scheme: No fee for smaller businesses. Lenders will pay a fee to access the scheme.
- Interest and fees paid by Government for 12 months: The Government will make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees.
- Finance terms: Finance terms are up to six years for term loans and asset finance facilities. For overdrafts and invoice finance facilities, terms will be up to three years.
The Scottish Government have set up a business support helpline (0300 303 0660) for all business support enquiries in Scotland and request that businesses needing guidance contact them in the first instance on this number.
Additional advice is available here: https://findbusinesssupport.gov.scot/coronavirus-advice/
The response to the first phase of Creative Scotland’s bridging bursary was significant with over 800 requests in three days requesting a total of just under £1.5m. To enable Creative Scotland to support as many people as possible they have announced an extra £2million of funding, taking the total available funds to £4million.
This includes an extra £1million from the Scottish Government and £1million from the Freeland Foundation as part of its landmark commitment of £3m towards emergency funds for artists, creative practitioners and freelancers across the UK affected by the Covid-19 crisis.
- This is a fund for those individual artists and freelancers who have lost income from their creative work and/or practice due to COVID-19
- You can seek between £500 and £2500 to help support your immediate needs
- The overall budget for this fund is £4m
- Awards are non-competitive and Creative Scotland has created a quick, simple process for requests
- They are aiming to turn around requests and have the money in your account within 4 weeks of receiving your form
There is no deadline for this programme and Creative Scotland has committed to holding back a proportion of the budget so that they can support requests that take a little more time to reach them. However, the fund is finite and we would strongly recommend that anyone in the creative industries facing financial difficulty should consider this seriously.
The Prince’s Trust have set up a £5M Enterprise Relief Fund for 18-30 year old business owners who are self-employed and/or running their own business.
Grants can be used to maintain core business operations during the crisis, as well as meet any existing financial commitments, such as paying for essential equipment or settling invoices from suppliers. Additionally, grants will also support young people to diversify their business to respond to opportunities created by the crises. In conjunction with grants, the initiative will offer one-to-one support and guidance to any applicants who need it.
If you are not between 18-30, but if you were in the last 4 years and received help from The Prince’s Trust at the time you started up, you can still receive help.
Please do pass this information to anyone who may be eligible. More information can be found on the Prince’s Trust website.
The Third Sector Resilience Fund (TSRF) is a £20m emergency fund for charities, community groups, social enterprises and voluntary organisations working in Scotland. The fund will support organisations that already deliver services and products and that find themselves in financial difficulties directly as a result of the coronavirus pandemic.
The primary intention of the fund is to help third sector organisations to stabilise and manage cash flows. The fund will be complemented by specialist business advice to ensure grant recipients maximise the impact of the financial support
- The fund will be delivered by Firstport, Social Investment Scotland and the Corra Foundation
- It will provide grants between £5,000-£100,000
- There is a further £5m available in fully flexible, 0% interest loans starting at £50,000
To be eligible, interested organisations must be:
- A charity, social enterprise or voluntary organisation based in Scotland and/or primarily delivering services/activities in Scottish communities
- Delivering those products or services prior to March 2020;
- Needing to stabilise cashflows directly as a result of the impact of COVID-19, as opposed to pre-existing financial difficulties
To find out if your organisation could be successful in gaining support from this fund please use the eligibility checker. This will filter you through to the correct route for your organisation to apply. Interested applicants are also encouraged to read the fund’s guidance notes and FAQs prior to starting an application.