Thousands of smaller businesses in England are set to benefit from £20million of European funding allocated by Government to help them recover from the effects of the coronavirus pandemic.
Small and medium-sized businesses will have access to grants of between £1,000 and £5,000 to help them purchase new technology and other equipment as well as professional, legal, financial or other advice to help them get back on track.
The funding has been allocated to Growth Hubs within each Local Enterprise Partnership (LEP) area.
Cornwall and the Isles of Scilly will receive £500,000, while the Heart of the South West area (covering Devon, Plymouth, Torbay and Somerset councils) is set to receive £423,544.
Minister for Regional Growth and Local Government, Simon Clarke MP said:
’We have always said that we would stand behind our businesses and communities as we rebuild following the coronavirus pandemic. This new funding does exactly that.
’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.’
Growth Hubs are locally owned and locally directed. They work across the country with local and national, public and private sector partners - such as Chambers of Commerce, Federations of Small Businesses, universities, Enterprise Zones, and banks, co-ordinating local business support and connecting businesses to the right help for their needs.
The grants of up to £5000 can be used to access specialist professional advice such as HR, accountants, legal, financial, IT and digital, and to purchase minor equipment to adapt or adopt new technology in order to continue to deliver business activity or diversify.
The £20m comes from the England European Regional Development Fund.