D2N2 Growth Hub to receive cut of £20 million in grants to boost small business recovery
The Government has announced a support package of £20 million specifically aimed at SMEs to help them recover from the effects of the Coronavirus pandemic.
It comes on top of an unprecedented package of Government support to help businesses to recover. The support will be fully funded by the government from the England European Regional Development Fund and distributed through local Growth Hubs.
The funding will come in the form of a grant from between £1,000 – £5,000 which can be used to support one or a combination of the following activities:
- Access to technology or new equipment in order to get back on track or diversify
- Access to professional advice such as HR, legal or financial to aid business decision making and risk management
Minister for Regional Growth and Local Government, 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 D2N2 Growth Hub is currently working hard to finalise the application process for these grants and will provide further information on the eligibility criteria as soon as it’s available. EU procurement regulations will apply to this funding.
Chris Pook, D2N2 Growth Hub Manager, said: “These additional grants are welcome news to support some of our local businesses to recover from the impacts of the Covid pandemic. Whilst there is a finite amount of funding to give out, the scheme will help businesses to become more resilient for the future by allowing them to source external advice or implement new technology to diversify their operation in response to COVID 19.”
The expectation is for the scheme to be available at the end of August. If you would like this information when it is published please click here and complete the form.