The Government have announced a new £20m fund to support small business recovery post-COVID-19. The grants are targeted at “new technology and other equipment as well as professional, legal, financial or other advice”. Businesses will be able to use these new grants to pay for the expertise, equipment and technology they need to adapt, recover and rebuild.
Announcing the grant, Minister for Regional Growth and Local Government, Simon Clarke MP 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 Growth Hubs, embedded in local areas across England.
The clear aim here is to allow businesses to pay for new IT to support their changed business models and crucially to provide assistance in the form of professional advice, specifically financial. Businesses who are aware of the need to produce a financial model and supporting business plan can use this funding to access IfT members and other professionals to assist them.
Further details can be found here. The new application process goes live on 1st September.
To be notified when the process is live in your area email [email protected] Subject: Business Grants, with your Name, Business Name, Postcode, Telephone Number and Email, and we will contact you when more information is available. Please also check our social media feeds and website regularly to ensure you are aware of the most recent updates. To keep up to date with all announcements you can sign up to the Local Growth Hubs newsletters here.
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