At the beginning of the month the Minister for Regional Growth and Local Government, Simon Clarke MP, announced £20 million of new government funding, set to help smaller businesses recover from the effects of the coronavirus pandemic.
Small and medium sized businesses will have access to grants of between £1,000 - £5,000 to help them access new technology and other equipment as well as professional, legal, financial or other advice to help them get back on track.
The support will be fully funded by the Government with no obligation for businesses to contribute financially.
The funding has been allocated to local Growth Hubs (or associated projects) who work across the country with local and national, public and private sector partners, coordinating local business support and connecting businesses to the right help for their needs. They are locally driven, locally owned and at the heart of the government’s plan to ensure business support is simpler, more joined up and easier to access.
Activities supported through the £20 million of funding must be to directly respond to the impact of COVID-19 and can include:
- one-to-many events providing guidance to respond to coronavirus
- small grants to:
- help businesses access specialist professional advice e.g. human resources, accountants, legal, financial, IT / digital
- purchase minor equipment to adapt or adopt new technology in order to continue to deliver business activity or diversify
The nature and value of grants awarded will be tailored to local circumstances, and will typically be up to £3,000. Under certain circumstances, and on a case-by-case basis, grants of up to £5,000 may be awarded.
The funding is being provided to address immediate needs and all grants must be awarded by 28 February 2021 and all activity fully completed by 31 March 2021.
To apply and find out more, please locate and contact your local area Growth Hub. Details of all Growth Hubs can be found here.
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