The Ministry of Housing, Communities & Local Government and Simon Clarke MP published today that 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 recover from the effects of the coronavirus pandemic.
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.
Further information
The support will be fully funded by the Government with no obligation for businesses to contribute financially.
The funding being provided to businesses is supported by the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Ministry of Housing, Communities and Local Government is the Managing Authority for the European Regional Development Fund in England. For more information visit HERE.
The funding has been allocated to Growth Hubs within each LEP area in line with the current ERDF Programme.
To establish a viable grant programme, they have set a minimum of £250,000 for all LEP areas. The allocation of resources will be reviewed as the grant fund is delivered.
Growth Hubs work across the country with local and national, public and private sector partners – such as Chambers of Commerce, FSB, universities, Enterprise Zones and banks, co-ordinating local business support and connecting businesses to the right help for their needs. They are locally driven, locally owned and at the heart of the government’s plan to ensure business support is simpler, more joined up and easier to access.
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.