New allocation of £20m in support for Coronavirus Recovery

Coronavirus,

Smaller businesses in England will have access to a new £20m fund to help them recover from the impact of Coronavirus, following a new Government announcement.

The grants will be for between £1,000 and £5,000, and will help the smaller businesses in the economy to access new technology and advice to help them thrive post-COVID. The typical level of grant will be around the £3,000 mark, while the nature of the grants will depend on local circumstances.

The funds will come from the England European Regional Development Fund, while there will be no requirement for the recipient business to match the funding in any way. This has previously prevented some of the UK’s smallest businesses accessing localised grants.

One section of the announcement that may prove to be useful is that the grants can be used to access ‘specialist professional advice e.g. human resources, accountants, legal, financial, IT / digital‘ so there should be a chance to use this grant to help propel your business forwards.

This may be your chance to get specialist support with some of the projects you need external resources support, so don’t miss the chance!

Grants will be accessed through Growth Hubs across England, and should be available to all industries.

You can find a list of Growth Hubs here.

Simon Clarke, the minister for regional growth and local government, said: ‘Businesses will be able to use these new grants to pay for the expertise, equipment and technology they need to adapt, recover and rebuild.

‘Small and medium sized businesses are the beating heart of communities; they provide employment and contribute significantly to local economies and we are determined to give them the support they need to continue to thrive.’

A minimum £250,000 has been allocated to each local area to ensure an effective grant programme is in place in all areas. The allocation of resources will be reviewed as the grant fund is delivered and take up of grants will be reviewed after three months to make sure demand is met.

The funding is to help businesses with ‘immediate needs’. As a result, all grants must be awarded by 28th February 2021 and all supported activity must be completed by 31st March 2021.

You can see the details of the Government announcement here.

 

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