Less than a tenth of SNP funding paid to businesses

The SNP have paid out less than a tenth of promised funding to businesses, delivering just £55 million out of the £715 million they have announced.

At First Minister’s Questions this week, Nicola Sturgeon said £715 million “has been allocated to business support since October” and she claimed “£600 million is live.”

The latest available figures, announced in a Scottish Government press release late on Friday, show just £55 million has been paid out.

In the Strategic Framework Business Fund alone, which is one of around 30 funds, more than 4,000 businesses are waiting for an answer on their application.

It comes as another Scottish Government publication shows that 1 in 4 firms have less than three months cash reserves.

Scottish Conservative leader Douglas Ross said: “This is definitive proof that the SNP are not getting cash out the door quickly enough to support businesses.

“The Scottish Conservatives have demanded updated figures for weeks because an avalanche of businesses have written to us saying they are about to go bust if the SNP don’t get their act together.

“Delivering less than a tenth of funding is absolutely pitiful and pathetic.

“Businesses are struggling for survival and the SNP have utterly failed to get the promised money out the door. It’s the latest example of the SNP treating business as an afterthought.

“They’ve got time to push for indyref2 but they don’t have time to just get cash out to struggling companies.”

Notes

Sturgeon said at FMQ’s: “Of the £715 million that has been allocated to business support since October, £600 million is live and the vast majority of other funds go live this month.” (Official Report, 13 January 2021, link)

The £55 million figure is here - https://www.gov.scot/news/more-than-gbp-55-million-paid-in-business-support/

The business framework details are here – link.

The Business Impact of Coronavirus Survey states: “In the latest period, 25.9% of businesses reported they had no or less than three months cash reserves”. The link is here - link.

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