Grant Funding Available to Support Local SMEs Impacted by Coronavirus
#GrowMySME have two types of grant funding available to businesses, with up to £5,000 available to help support businesses that have been impacted by Covid-19.
#GrowMySME are offering two grants to help contribute towards the cost of working with experts that can help businesses bounce back to normality. From professional advice around business growth, planning and strategy, to preparing information to access finance – the grant can contribute towards these professional services, including our own here at TurnerWarran.
Finance for Growth Grant
As part of the Finance for Growth Scheme, this grant can be used for any project that requires you to work with a financial advisor, accountant or consultant to aid your business’s ability to access finance and investment that will aid long term growth.
Example projects include:
- Working with an accountant or financial advisor to prepare a business plan, financial information, management accounts and forecasts for a loan application
- Working with an accountant or financial advisor to develop Financial Management Information Systems and strategies to safeguard or grow the business
- Working with a consultant to develop a marketing strategy or a legal advisor to develop the structure of the company to enable growth
- Any other project that requires you to work with an accountant, financial advisor or specialist that will make your business more investment ready and aid its ability to obtain finance
The grants are between £1,000 – £5,000, and are to cover 40% of total eligible project costs.
Business Growth Grant
There is also a Business Growth Grant that can be used for any project that requires you to work with a specialist advisor or consultant to aid your business’s long-term prospects for growth.
Example projects include:
- Working with a consultant to develop Covid-19 continuation and recovery plans for your business
- Working with an HR specialist to create a workforce management plan for remote working or a return to work strategy
- Working with a supply chain expert to manage your supply chains and to develop a strategy to diversify your supply chains in light of Covid-19
- Any other project that requires you to work with a specialist advisor or consultant that will aid your business’s productivity, efficiency, growth, resilience, access to new markets, and create or safeguard jobs
These grants are also between £1,000 – £5,000, and are to cover 40% of total eligible project costs.
Is my business eligible?
95% of SMEs in the Humber region may be eligible to access support – and if you’re a business with under 250 full-time equivalent employees, you should be eligible. The criteria includes:
- Being an SME – a business with fewer than 250 full time staff, an annual turnover of less than €50 million, or a balance sheet total of less than €43 million
- That trades in the Humber – operating in Hull, East Yorkshire, North or North East Lincolnshire.
- You cannot work in these sectors – Agriculture (primary production & processing of agricultural products), Banking & Insurance (inc. brokers), Fisheries & Aquaculture, Steel production, Shipbuilding, Synthetic Fibres, Public Sector or publicly owned organisations.
- In financial difficulty – Your business must not have been in financial difficulty prior to 31st December 2019. However, if you have experienced financial difficulties since this date, we can still accept a grant application from you, but it must demonstrate that any financial difficulties were a direct consequence of the Covid-19 outbreak.
The Application Process
The application process for the grant funding is as follows:
- You apply for the grant, by completing the business registration and grant application forms.
- They appraise your application, to check your eligibility and the impact of your project on your business. They aim to give you a decision within five working days.
- You can complete your project. If they approve your grant application, you will be asked to sign and return their Grant Offer Letter. Once the letter has been signed and returned, you have the green light to proceed.
- They pay you the grant, and on project completion you will provide them with copies of all invoices along with evidence of payment. They then make the grant payment to you within 10 working days.
Please get in contact with us today for any guidance or advice you need, or head to the Humber Business Growth Hub website to begin your application.