Additional grant support from the Scottish Government for small and medium-sized businesses (SMEs) and newly self-employed people will boost hard-pressed Dundee firms.
The three separate funds announced today will be administered by Dundee City Council and Scotland’s enterprise agencies and will begin to pay out grants in the coming days.
Nationally, the backing includes a £34 million hardship fund for the newly self-employed, a £20m fund for small and micro enterprises in the creative, tourism and hospitality sectors, and £45m for vulnerable viable SMEs crucial to the Scottish economy.
Alan Ross, convener of Dundee City Council’s city development committee, said: “This support is recognition of the significant contribution to the economy both locally and nationally that self-employed people, SMEs and the creative, tourism and hospitality sector make.
“Many of them have had their trade decimated by coronavirus and are digging deep into their own finite savings or relying on help from family or friends or loans to keep their enterprises afloat.
“I want to encourage people in Dundee who are in these categories to fill in the form as soon as they can, and pledge that we will do our bit by processing the applications which come in as quickly as possible to get the grants to where they are needed most.
“In these unparalleled times, it’s more important than ever that we work with every type of business in our communities to ensure their sustainability and longer term success. I know that this funding will be vital for many and when we get into the new normal, it’ll be even more important that we continue to support local businesses.”
Scottish Government Cabinet Secretary for Economy, Fair Work and Culture, Fiona Hyslop, added: “Our economy has been hit hard by this crisis and previously profitable businesses have seen demand dry up overnight. Our support will help alleviate the hardship those individuals and companies are facing.
“As well as dealing with this immediate crisis, we must look to the future and ensure that viable and vital businesses in all sectors with a part to play in strengthening the resilience of Scotland’s economy survive this crisis and thrive.”
Advice for local businesses, including ways of accessing financial support, is available at the Dundee City Council website.
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