On 30th July Simon Clarke, Minister for Regional Growth and Local Government announced that £20 million new funding will be available to help businesses across England get back on track. He further said, “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.”

The support will be fully funded by the government from the England European Regional Development Fund and distributed through local Growth Hubs.

Small and medium-sized (SME) businesses will have access to grants of between £1,000 – £5,000 to help them with,

  • Access new technology and other equipment
  • Paying for Accountancy services
  • Getting business advise on professional, legal, financial and any other specialist necessary advice to help them adapt, recover and rebuild post-COVID

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.

The Grant needs to be applied via local Growth Hubs.

You need to apply this via your local “Growth hub”. You can find your local Growth hub here

Please note that the scheme will not go live mid-September so best to sign up your interest. Decisions will be made on a first-come, first-served basis. The scheme is guaranteed to be very popular. Therefore, funding is extremely limited, so we recommend you complete the form asap.

FAQ’s on £20m SME COVID recovery Grant.

 

How much is the SME COVID Recovery Grant?

Eligible SMEs can access grants of between £1,000 – £3,000 (up to £5,000 in exceptional circumstances) for specialist advice.

If the application is successful how long will it take to reach the Bank?

Current guidelines state 10 weeks after spending the funds on eligible expenses.

What are the eligible expenses?

  • Access new technology and other equipment
  • Paying for Accountancy services
  • Getting business to advise on professional, legal, financial and any other specialist necessary advice to help them adapt, recover and rebuild post COVID

Which Business is eligible for this grant?

The business should be an SME (Less than €50million Turnover/Sales, less than €43million Balance sheet and less than 250 Full-time employees)

Needs to prove that business has been negatively impacted by COVID19.

SME must have the ability to bounce back and survive the negative impact of COVID19