New grants for small businesses announced.
The government has committed £20 million of new funding to support smaller businesses recovering from the effects of the Covid-19 pandemic. The new grant scheme will provide grants of between £1,000 and £5,000 to small and medium-sized businesses to assist with purchasing new technology and equipment or access advice from professional advisers such as accountants, lawyers, HR advisers and IT specialists. Funding is available to small and medium-sized businesses operating in any sector.
These grants will be administered by growth hubs within Local Enterprise Partnership (LEP) area. The amounts allocated to each LEP vary according to region, but are a minimum of £250,000. The allocation of resources under the scheme and take up of funding will be kept under review to ensure the scheme meets demand.
Applications for grants should be made through your local Growth Hub. For further details, visit www.lepnetwork.net/local-groth-hub-contacts/.
You can find out more about previous Covid-19 grants here.
If you have any questions, please get in touch with your usual Newby Castleman LLP contact.