Government Announces £20 Million in Small Business Grants
Finally, some good news amongst all this! And no, we’re not talking about the Eat Out to Help Out half-price Nandos! The government has announced the launch of a new £20 million support in Small Business Grants to help small businesses like yours recover more quickly from the coronavirus pandemic.
The grants are for new equipment and technology and specialist advice. Here’s our handy low down on everything you need to know about the government’s newly announced Small Business Grants.
How Much are the Small Business Grants?
Small Business Grants are for small to medium-sized businesses in England and the grant can be between £1,000 and £5,000. This grant is fully funded by the government and therefore no contribution is needed by the business.
These two existing packages of Government support to help businesses to recover. It is hoped these schemes will create hundreds of thousands of new, fully subsidised jobs for young people across the country, and scale up employment support schemes, training and apprenticeships to help people looking for a job.
What Can You Use Small Business Grants For?
Small Business Grants can be used in one of two ways. You can use it to purchase equipment “to adapt or adopt new technology in order to continue to deliver a business activity or diversify”, according to this document from the Ministry of Housing, Communities & Local Government.
Or you can use the Small Business Grants to get specialist professional advice, which are much needed in this ever-changing work landscape. These areas include:
- Financial services
- Legal services
- IT and digital
- Human resources
While visiting businesses and local leaders across Cornwall, Simon Clarke MP, Minister for Regional Growth and Local Government announced the news, adding “We have always said that we would stand behind our businesses and communities as we rebuild following the coronavirus pandemic.
This new funding does exactly that. Businesses will be able to use these new grants to pay for the expertise, equipment and technology they need to adapt, recover and rebuild. 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.”
How Do You Apply For Small Business Grants?
The £20 million support grant will be administered by the Government’s regional growth hubs. To apply for a grant, you will need to check the list of growth hubs to find the right one to apply to. On this website, you will need to click on the nearest growth hub to you which will redirect you to the relevant website where you can fill in an application form.
The amount of money you can receive in Small Business Grants will depend on personal and local circumstances but will typically be up to £3,000. Up to £5,000 may be awarded on a case-by-case basis.
Here at Kate Underwood HR & Training, we’ve been busy little bees putting together projects for specific industries who have already had these types of grants to help them recover. Please get in touch if you need more information or you think we could help with this or anything at all.
Please note that Solent LEP is still awaiting information on how this is administered so if you sign up to their newsletter. They will send out information as soon as they get it.
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