Dear Business Owner / Self employed person
In case you are not aware, please find below some information about different sources of grants / funding that are currently available to help businesses and self-employed people that are in financial hardship during this difficult time of the Coronavirus.
Coronavirus Business Support Grants
This grant support is worth over £1 billion to business, and is part of the wider business support package worth £2.3 billion. So that funding can be distributed as quickly as possible, eligibility for the grant scheme is linked to the non-domestic rates system:
A £10,000 grant is available to non-domestic ratepayers with properties in receipt of:
- Small Business Bonus Scheme relief (SBSS) or Rural Relief
- Nursery Relief, Disabled Relief, Business Growth Accelerator, Sports Relief, Enterprise Areas Relief or Fresh Start but eligible for SBSS
A £25,000 grant is available to the ratepayers of properties in the retail, hospitality and leisure sectors with property with a rateable value between £18,001 – £51,000.
This grant is targeted at supporting small businesses, and those medium sized businesses in the retail, hospitality and leisure sector, who are liable for non-domestic rates in order to maximise the number of businesses that are supported. Charities are also eligible for the grant funding.
In addition to the 100% grant on the first property, ratepayers will also be eligible for a 75% grant on each subsequent property that meets the criteria for each grant. Applications for grants on additional properties will be open from 5th May.
A £100 million fund is also available to protect newly self-employed people and viable SME businesses in distress due to Covid. This fund has been channelled through local authorities and enterprise agencies to target newly self-employed people and businesses who are ineligible for other Scottish Government or UK Government schemes.
The Fund is now open and further details on eligibility criteria and how to apply – including links to each Local Authority’s website – are available on the Scottish Government Business Support website under ‘Coronavirus business support grants (via Local Authorities)’.
You can apply for the funding through contacting your Local Authority (details in the SG “Business Support Website).
The Scottish Government Business Support Website also provides information about other sources of funding for businesses, including:
- Self-employment Income Support Scheme: Grants for self-employed people that are facing hardship
- The Job retention Scheme: Instead of making employees redundant, employers can furlough employees and apply for a grant that covers 80% of their usual monthly wage costs up to £2,500 a month
- Coronavirus Business Interruption Loan Scheme: Provides facilities of up to £5 million for smaller UK businesses experiencing lost or deferred revenues, leading to disruptions to their cashflow.
We would advise ethnic minority business owners / self employed people to visit the Scottish Government Business Support website to find out more about the different sources of grants, or please use the form below and we shall get in touch with you to provide more information about the different sources of funding that are available.
We will also be grateful if you can email us at email@example.com to let us know whether this information has been helpful for you, or even to let us know how you get on after you have applied for any of the above funding.