Increase in new grants for Small Businesses
£20 million worth of new government grants have been released to help small and medium sized businesses across England recover from the effects of the Coronavirus pandemic. These grants will provide businesses between £1,000 and £5,000 to help them access new technology and other equipment as well as professional, legal, financial or other advice.
Commenting on the announcement, the minister for regional growth and local government, Simon Clarke MP, 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.’
The support will be fully government funded with no obligation for businesses to contribute financially. The support will be delivered from the England European Regional Development Fund and distributed through Growth Hubs, embedded in local areas across England.
To establish a viable grant programme, the government has set a minimum of £250,000 for all Local Enterprise Partnership areas. The allocation of resources will be reviewed as the grant fund is delivered. The funding is being provided to address immediate needs and all grants must be awarded by 28 February 2021 and all activity fully completed by 31 March 2021.