The Scottish Government has announced a new support package for SMEs to safeguard their futures. Click HERE to apply.
What does this involve?
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 can maintain your productive capacity and support employment, then this fund is for you.
Am I eligible?
You must meet these criteria in order to apply:
- 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
What does this cost?
There is no cost to apply.
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 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
How long does this take?
It will take up to 10 working days from application and appraisal to funds being released for approved applications.
Also, your particular circumstances and how these relate to your local area, region or industry will be taken into account. Your impact in terms of employment or effect on other local or regional business will be looked at.
The process is:
- If you meet the eligibility criteria your application will be reviewed
- Successful applicants will be notified
- They must formally accept the offer within 3 days
- Money will then be paid 100% upfront
If you are successful, you MUST accept the offer in 3 working days.
It is also really important that that you can prove you are eligible for this fund.
Before you apply, you must meet some criteria and have information to hand. You will need to:
- meet the stated eligibility criteria
- have a business bank account
- 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 the following information to complete a 12 month cash flow table: any invoicing discount drawdown, net debtors receipts, VAT, funding from Coronavirus Job Retention Scheme, funding from Coronavirus Interruption Loan Scheme, any other COVID 19 grants or other grants, any other income; cost of wages and salaries, PAYE/NI costs, pension costs, employee expenses, HP payments, corporate credit card payments due, non-stock supplier direct debits, supplier direct debits, bank term loan repayments, bank charges & Interest, Supplier payments, any other monthly payments, overdraft limit.
Your application will not be successful if you are applying on behalf of a non-supported sector: Gambling and betting activities, manufacture, repair or distribution of weapons and ammunition, manufacture, repair or distribution of military fighting vehicles.
Click HERE to read detailed guidance notes for applicants.