COVID-19 EMERGENCY MEASURES (19.08.2020)
Government announces additional support for SMEs
Following the announcement on 30 July of £20m to help smaller businesses in England recover from the effects of Covid, grant schemes will be used (£1,000 – £5,000) to access specialist professional advice and to purchase minor equipment to adapt or adopt new technology. The source is ERDF (EU money) and the £20 million is in addition to the £10m for support to the Visitor Economy which was announced on 3 July.
The department for Regional Growth and Local Government is the government department behind the £30 million and the schemes will be facilitated by the LEPs and their Growth Hubs.
Details of the grant are as follows:
Support to SMEs (£20m)
- On 30 July, the Government announced £20 million in new funding to support small and medium-sized businesses in England.
- Activities supported through the £20 million grant can include:
- one-to-many events providing guidance to respond to coronavirus;
- small grants (£1,000 – £5,000) to:
- to help businesses access specialist professional advice such as HR, accountants, legal, financial, IT and digital;
- purchase minor equipment to adapt or adopt new technology in order to continue to deliver business activity or diversify.
- The nature and value of grants awarded will be tailored to local circumstances, and typically will be up to £3,000. Under certain circumstances, and on a case-by-case basis, grants of up to £5,000 may be awarded.
- The funding has been allocated to Growth Hubs within each LEP area in line with the current European Regional Development Fund Programme.
- 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.
- To apply and find out more, please locate and contact your local area Growth Hub. Details of all Growth Hubs can be found at https://www.lepnetwork.net/local-growth-hub-contacts/.
Kick Start Tourism Package (£10m)
- On 3 July, the Government announced £10 million in new funding to boost tourism in England.
- The funding will be allocated to local Growth Hubs based on how much of their employment base is linked to tourism and hospitality businesses.
- Activities supported through the £10 million grant can include:
- one-to-many events providing guidance to respond to coronavirus;
- small grants (£1,000 – £5,000) to:
- help businesses access specialist professional advice 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
- The nature and value of grants awarded will be tailored to local circumstances, and typically will be up to £3,000. Under certain circumstances, and on a case-by-case basis, grants of up to £5,000 may be awarded.
- The Government is engaging with Growth Hubs to develop plans to utilise the grant funding and visitor economy businesses can contact their Growth Hub now to access information and advice, with grants for specialist advice to follow (details of all Growth Hubs can be found at https://www.lepnetwork.net/local-growth-hub-contacts/).