£20 million in new grants to boost recovery of small businesses
Posted on 27th August 2020 at 11:55
A new government support package has been launched to help small and medium sized businesses recover from the financial impact of COVID-19.
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.
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.
It comes on top of an unprecedented package of Government support to help businesses to recover, including the £2 billion Kickstart Scheme which will create hundreds of thousands of new, fully subsidised jobs for young people across the country, as well as £1.6 billion invested in scaling up employment support schemes, training and apprenticeships to help people looking for a job.
The support will be fully funded by the government from the England European Regional Development Fund and distributed through Growth Hubs, embedded in local areas across England.
The grants, which do not require any match-funding, are designed to:
Help businesses access specialist professional advice in response to the impact of COVID-19 e.g, human resources, accountants, legal, financial, IT / digital.
Purchase minor equipment to adapt or adopt new technology to continue to deliver business activity or diversify in response to the global pandemic.
These grants are in addition to a £10m package previously announced specifically for business in the “visitor economy” sector.
• The support will be fully funded by the Government with no obligation for businesses to contribute financially.
• The funding being provided to businesses is supported by the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Ministry of Housing, Communities and Local Government is the Managing Authority for the European Regional Development Fund in England.
• The funding has been allocated to Growth Hubs within each LEP area in line with the current ERDF Programme.
To apply and find out more, please locate and contact your local area Growth Hub. Details of all Growth Hubs can be found here
(Courtesy of gov.uk | The Growth Hub | British Business Bank)
Please call on 01536 529670 or email email@example.com to discuss finance for your PII or any other funding you may require.
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