23rd September 2020Covid-19 recovery: make the most of additional funding available

Among some of the various Covid-19 recovery schemes introduced by government to support businesses, is a new, little known, fund of £20 million from which business can access grants.

Who is eligible for these grants?

  • The grants are available to small and medium sized businesses in England.
  • The size of the grants are between £1,000 and £5,000, but will typically be £3,000.
  • The grants can only be used to access new technology and other equipment as well as professional, legal, financial, accountancy and other advice to help your business get back on track.

The support is funded by the government and there is no obligation for the business itself to contribute anything financially. The funding has been allocated to regional local growth hubs to allocate according to local priorities. This means that funding is available equally across the country rather than focused in certain areas.

Activities supported by the grants must be “to directly respond to the impact of Covid-19” but could include the purchase of minor equipment to continue to deliver the business activity or to diversify, or to help business access specialist professional advice e.g. human resources, accountants, legal, financial, or IT / digital. For example, the grant could be used for IT equipment to allow your staff to work from home, specialist video conferencing facilities to allow meetings to happen, accountants advice on forecasts or cash flow planning or restructuring, HR / legal advice about furlough or redundancy.

How can you apply?

The funding is intended for immediate use and must be used 31 March 2021.

To apply for these grants, you will need to contact your local area Growth Hub who will then make decisions based on their own criteria.

For further assistance on this or any of the other government support schemes please get in touch!

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