Innovation and Efficiency

30.07.20

Government announces £20m in new grants for small businesses

The Minister for Regional Growth and Local Government Simon Clarke has announced £20m in new grants today (July 30) to support the recovery of small businesses.

The boost will see thousands of smaller businesses in England given access to grants of between £1,000 and £5,000, to fund new technology, equipment and professional advice.

The funding has been allocated to Growth Hubs within each Local Enterprise Partnership to comply with the European Regional Development Fund.

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.”

Available support will include specialist HR, legal, financial, IT and digital advice and grants to adapt or adopt new technology to diversify their business.

The funding builds on existing Government support, including the £2bn Kickstart Scheme, creating thousands of new subsidised jobs for young people and £1.6bn investment into employment support schemes. It also follows the Minister’s announcement of a £10m package to support the tourism sector.

LISTEN: Ep. 23 Sir David Bell - Is Higher Education the key to economic recovery

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