£436m paid out through Strategic Framework Business Fund and Hospitality, Retail and Leisure Top-Up Fund, respectively
Details of further business support later this month
THE Scottish Government has said that over half a billion pounds of funding was paid to businesses through various grant schemes between November and late February.
Figures released today (10th March) claim that, by 22nd February, £214 million had been paid out through the Strategic Framework Business Fund – which pays out grants to businesses every four weeks – with 89% of this going to businesses with a rateable value less than £51,000.
An additional £218m was paid out under the Hospitality, Retail and Leisure Top-Up fund in the period to 26th February. A further £56m was paid out through funding schemes including the Scottish Wholesale Food and Drink Resilience Fund, Grassrooots Music Venue Stabilisation Fund, Scotland Pivotal Event Businesses Fund and Wedding Sector Support Fund.
The remainder was allocated through the Local Authority Discretionary Fund (£9.7m), Island Equivalent Payments (£6.2m) and Taxi and Private Hire Driver Support Fund (£29m).
Finance secretary Kate Forbes said details of further business support measures will be announced later this month.
“Since the start of the pandemic we’ve done everything in our power to protect people’s livelihoods with business support accounting for over a third of total COVID-19 spend,” said Forbes.
“We want as many businesses as possible to benefit from the funding we have made available and I have confirmed that the Strategic Framework Business Fund will continue to support eligible companies into the next financial year.
“The recent Scottish Budget also provided certainty and stability to businesses by extending 100% non-domestic rates relief for retail, hospitality, leisure and aviation businesses for the whole of next financial year. This is more generous than the equivalent reliefs available in other UK nations.
“I will set out more detail on future business and sector support later this month.”