£20 million support scheme to boost local economy–what you need to know.

£20 million support scheme to boost local economy–what you need to know.

A recent government announcement provided a beacon of hope for small and medium sized businesses trying to recover from the effects of the coronavirus pandemic.

The government has announced £20 million in grants will be made available to eligible small and medium sized businesses to provide access to digital supplies and specialist advice, boosting recovery and helping SMEs get back on track.

The timely announcement comes as lockdown restrictions have been lifted and businesses across the UK begin to reopen their doors to the public once again. However, the forced closures, lack of trade and ongoing fears leaves businesses uncertain about their future. 

It is hoped that the grants will provide necessary resources to enable small and medium sized businesses to recover and to help them adopt new technology in order to continue to deliver business activities.

Grants of up to £5000 will be available to qualifying businesses which can be used towards:

  • HR advice
  • Accountancy advice
  • Legal advice
  • Financial advice
  • IT advice
  • Digital advice
  • Purchase of minor equipment*

*Minor equipment must be purchased to help businesses adapt to the new climate or to adopt new technology in order to diversify business activity. 

Funding for the initiative has been allocated to Growth Hubs within each Local Enterprise Partnership (LEP) and businesses interested in applying for these additional support grants should contact their local Growth Hub for more information. You can find your local Growth Hub here: https://www.lepnetwork.net/local-growth-hub-contacts/

Corporate and commercial solicitor at Tinsdills Solicitors, Ryan Marr, commented on the recent announcement:

“This will hopefully be a positive step in the recovery of both the local and national economy. It is reassuring to see the government proactively supporting our communities so that they are able to thrive.

These grants will provide small to medium sized businesses with access to a support network that they potentially would not have had the means to obtain before. Having the opportunity to utilise professional advice and support, whether it be legal, financial or otherwise, can help businesses gain a competitive edge and secure long-term success.”

If you would like to find out how Tinsdills Solicitors can support your business, contact us on 01782 262031 and we would be happy to help.

You can read the official press release here: https://www.gov.uk/government/news/20-million-in-new-grants-to-boost-recovery-of-small-businesses

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