The Minister for Regional Growth and Local Government has announced that a £20 million package of funding will be available to help small and medium businesses recover from the effects of the coronavirus pandemic.
Grants will be available to SMEs of between £1,000 and £5,000 to spend on new equipment, technology and specialist advice. In its initial release, the Ministry of Housing, Communities and Local Government has identified that £250,000 of funding will be available for Gloucestershire businesses; the allocation of resources will be reviewed as the grant fund is delivered.
Simon Clarke MP said: “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.”
The grants will be fully funded by the Government with no requirement for businesses to contribute financially.
Although the funding is not yet available for release to businesses, it will be available through Growth Hubs within each local enterprise partnership area. In Gloucestershire, The Growth Hub is currently working closely with GFirst LEP to make the funding available as quickly as possible. To sign up and be alerted when applications open, please click here.
Hazlewoods business advisers provide support to SMEs with business plans, managing cash flow, funding, achieving profits, sales, growth, benchmarking against competitors, and much more. For more information on funding for your SME, please get in touch with Scott Lawrence at scott.lawrence@hazlewoods.co.uk or 01242 237661.