31 Jul New Grants to boost recovery of small businesses
Thousands of smaller businesses in England are set to benefit from £20 million of new government funding to help them recover from the effects of the coronavirus pandemic, the Minister for Regional Growth and Local Government has announced.
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 and the support will be fully funded by the government from the England European Regional Development Fund and distributed through local enterprise partnerships (LEP) Growth Hubs, embedded in local areas across England.
LEPs are voluntary partnerships between local authorities and businesses, set up in 2011 by the Department for Business, Innovation and Skills to help determine local economic priorities and lead economic growth and job creation within the local area.
Activities supported through the £20 million can include:
- One-to-many events providing guidance to respond to coronavirus,
- Grants (£1,000 – £5,000) to help businesses access specialist professional advice such as HR, accountants, legal, financial, IT and digital, and to purchase minor equipment to adapt or adopt new technology in order to continue to deliver business activity or diversify.
Details on how to apply will be released in due course as the guidance becomes available.
See here for further information.
The funding builds on other recently announced business support, including:
- The Kickstart scheme see here for more information to support businesses and young workers.
- A £1,000 Job Retention Bonus for employers who bring back furloughed staff.
- The Sustainable Innovation Fund to support innovative ideas and business projects.
- Support for business in the hospitality sector, including the six-month VAT rate cut.
- Plus full business support through Covid-19 and beyond, including loan schemes, cash grants, investment for start ups and more.