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, the Minister for Regional Growth and Local Government, Simon Clarke announced today (30 July).
Commenting on the announcement, Mr Clarke 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.”
He added “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.”
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 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 news comes on top of an unprecedented package of Government support to help businesses to recover, including the £2 billion Kickstart Scheme which it is anticipated 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.
Today’s announcement also builds on a £10 million package announced by the Minister earlier this month to help to kickstart the tourism industry and support the visitor economy.
More details are expected soon about how the grants will work and when businesses can start claiming under the scheme.