The Government has announced new grants aimed at smaller businesses in England worth £20 million to help them obtain the support they need to recover from the effects of the Coronavirus pandemic.
Under the new scheme, small and medium-sized businesses will be able to obtain grants of between £1,000 – £5,000 that can be used to help them gain access to new technology and equipment and/or professional, legal, financial, or other advice, including additional support from an accountant.
The grants on offer will be fully funded by the Government and businesses that use the funding will have no obligation to provide financial contributions.
The funding has been allocated through the England European Regional Development Fund (EERDF) and will be distributed through Growth Hubs, embedded in local enterprise partnerships (LEPs) across England.
The Government will set a minimum of £250,000 for all LEP areas and the allocation of resources will be further reviewed as the grant fund is delivered.
Further details of how businesses can apply for this funding are expected soon.