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Grants Announced to Boost the Recovery of Small Businesses

It has been announced that thousands of smaller businesses in England are set to benefit from £20 million of new government funding. This will help SMEs recover from the effects of the coronavirus pandemic, the Minister for Regional Growth and Local Government has announced.

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How big will the grants be?

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 Minister for Regional Growth and Local Government, Simon Clarke MP, has said:

“We have always said that we would stand behind our businesses and communities as we rebuild following the coronavirus pandemic. This new funding does exactly that.

“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.”

How will the grants be funded?

The support will be fully funded by the Government with no obligation for businesses to contribute financially. 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, and 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.

We will provide further details on how to apply for these grants in due course.

Please see: £20 million in new grants to boost recovery of small businesses

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