All businesses within both the Glasgow School of Art and Victoria's cordon will receive £20,000 of direct financial support, with £10,000 of support eligible to other businesses in the area who have been impacted by a customer decline.
Glasgow City Council will receive additional funding to distribute to businesses within the security cordons, and to those in the Sauchiehall Street area who can demonstrate hardship as a result of the impact of the fires.
Economy Secretary Derek Mackay, who confirmed the fund, said: "The terrible fires at the Glasgow School of Art and Victoria's are having a significant impact on many local businesses who are either closed or unable to access their premises. Given the scale of the on-going disruption, I am making up to £5 million available immediately to support those businesses affected.
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"The sheer scale and lasting effects of the fires on those involved are becoming clear and it is important that businesses are given financial support to help them through this very challenging time. This funding will also help minimise the impact on the economy of the city as everyone involved works to help businesses and residents return to their premises as quickly and safely as possible.
"The Scottish Government has already increased our contribution to hardship funding from 75% to 95%, and made available £1,500, matched by the Lord Provost's Trust for vulnerable citizens, to residents displaced from their homes by the Mackintosh building fire and will extend that to businesses facing the same impacts as a result of the fire at Victoria's. We will continue to work with Glasgow City Council to ensure the emergency funding is released to all those impacted as soon as possible, and we will continue to monitor the situation and consider what further assistance might be required."
Leader of Glasgow City Council, Councillor Susan Aitken, added: "This fund complements the range of actions that we have taken in the past few weeks to support businesses including the use of the Glasgow Guarantee to support employees, having dedicated business support advisers based in the Dental Hospital and the Savoy Centre, supporting businesses to relocate outwith the cordon, hosting a session on insurance and legal issues with Harper McLeod, introducing zero rating for businesses in the cordons and reduced rates for businesses who can demonstrate detrimental impact. Additionally, I have convened a Sauchiehall Street Task Force which is working on plans for the future viability and vibrancy of the street."
(CM/MH)
