Thousands of smaller businesses in England are set to benefit from £20 million of new government funding. Small and medium sized businesses will have access to grants of between £1,000 – £5,000. The grants will 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 support will be fully funded by the Government with no obligation for businesses to contribute financially. They will be distributed through local enterprise partnerships (LEP) Growth Hubs, embedded in local areas across England.
LEPs are voluntary partnerships between local authorities and businesses. LEPs were set up in 2011 by the Department for Business, Innovation and Skills. They help determine local economic priorities, lead economic growth and job creation within the local area. The D2N2 Growth Hub will administer the awarding of grants to businesses in Derby, Derbyshire, Nottingham, and Nottinghamshire.
Minister for Regional Growth and Local Government, Simon Clarke MP said about the grants:
“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.”
Businesses will be able to claim for the grants from as early as late August. We will provide further details on how to apply for these grants in due course.
If you have any questions give us a call on 01332 292022 or drop us an e-mail.