New Government
Financial Stimulus
for SMEs

Last month, in my post "From the Bottom of a Glass" I suggested the inevitable: "because small and medium-sized businesses make up more than 99% of our economy...some of the post-EU savings will have been earmarked to invest in these businesses to ensure they are fit for international purpose and capable of contributing to the public purse."... 

Well it would seem that the Government have finally started to look beyond both Brexit and COVID-19 with the announcement - on 30th July - that thousands of smaller businesses in England are set to benefit from £20 million of new government funding to help them recover. 

Whilst future funding is likely to generate greater buying power for those successful enough to access it, this current stimulus should be of interest to all businesses. 

Read the full press release here.

It's a small recognition that small and medium sized businesses are the beating heart of the communities they serve; that they provide employment for millions, contribute significantly to their local economies and will lead any economic bounce-back from the front line.

It's a good first step (but I hope we're going to see much more in the coming months).

Because times like these do create opportunity.

Businesses will be able to use these new grants to pay for what HMG describes as "the expertise, equipment and technology they need to adapt, recover and rebuild". What that means in practice will be decided by the Growth Hubs within each LEP area.

If you want to apply for a grant for your SME we can help, but - more importantly - we're here to support you and your business as you emerge from these uncertain times.

Remember the UK economy needs your business to thrive, so be sure to take full advantage of every offer of government support while it's there.

To find out how we can help, get in touch today. 


What we know so far...

The support will be fully funded by the Government with no obligation for businesses to contribute financially.

Grants are available from £1,000 - £5,000 to help businesses access specialist professional advice such as Finance, Legal, IT, HR & Management Consultancy

The funding has been allocated to Growth Hubs within each LEP area in line with the current ERDF Programme.

View Growth Hub funding: allocations for each LEP area (PDF, 228KB, 4 pages)

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