1.COVID Working Capital Loans
This loan is available to Scottish businesses that have been impacted by COVID-19 and can be applied for until 31 December 2020. The loan can be used for various purposes including, but not limited to, purchasing new or used plant or equipment, buying or renovating business premises, introducing new product lines or recruiting new employees. Businesses must be able to prove they were not in financial difficulty at the 31 December 2019.
Businesses should have tried to access the Coronavirus Business Interruption Loan Scheme or Bounce Back Loan Scheme before applying for a COVID Working Capital Loan.
Loans are available from £25,000 to £100,000 and loans of up to £250,000 may be available in exceptional circumstances. The loan term is up to 5 years and there will be an initial 3 month capital and interest holiday. The interest rate is fixed at 6%. Security will be taken where it is available.
Detailed guidance on the above funds can be found here: https://findbusinesssupport.gov.scot/Coronavirus-funds-guidance-for-applicants
The Scottish Government will also top-up Creative Scotland’s Bridging Bursaries for the not-for-profit sector by £1 million.
2. Support for nightclubs and soft play
Nightclubs and soft play centres that have been closed by law since March are to benefit from one-off grants of up to £50,000 through the COVID-19 contingency fund. Grants will be based on rateable value. Businesses operating multiple premises will be eligible to claim one full grant plus grants of up to 75% on subsequent properties. Local authorities will contact businesses directly to get the information needed to progress these claims.
3.Strategic Framework Business Fund
There is grant funding available for businesses in Scotland that have been required to close by law or to significantly change its operations due to COVID-19 restrictions from 2 November 2020. These grants are available via the Local Authorities.
The following grants apply:
- Temporary Closure Grant – £2,000 or £3,000 (based on the business property’s rateable value) if the business has been required to close by law.
- Business Restrictions Grant – £1,400 or £2,100 (based on the business property’s rateable value) if the business can remain open but is required to modify its operations by law.
