£20m SME Grant Funding Now Available

19th August 2020

Funding for SMEs

With so much negativity on the news of late, particularly to do with the coronavirus pandemic, it can be easy to miss more positive updates such as additional funding for SMEs.

That’s right, the government has recently announced a £20m small business grant fund that’s fully supported by the England European Regional Development Fund. This is really good news for smaller companies that have been faced with unprecedented difficulties over the past few months. So without further ado, let’s find out more about this announcement that was made late in July.

Small Business Grant Coronavirus – What’s It About?

Managed by the Ministry of Housing, Communities and Local Government, the £20m funding grant is designed to support small and medium-sized businesses throughout the pandemic. It’s an acknowledgement of challenging times, offering a glimpse of hope to many, after all, SMEs rarely have large pots of money stashed away for emergencies like this.

The money granted can be used to access new technology or other equipment that might be more important as a result of COVID-19. For example, if you’ve had to improve your digital presence, then additional laptops or software may now be needed. Perhaps you’ve needed to make provisions for people to work at home or up the safety of your company.

Alternatively, you can use your grant to pay for professional advice from accountants, HR, legal, financial, IT or digital specialists. The fact that there is a bit of extra help available for struggling businesses is positive indeed and a step in the right direction, so don’t struggle alone. Reach out to those who can help you the most and get expert opinions in areas you may not feel so confident tackling by yourself.

The SME Grant Application Process

If you think you’re eligible for an SME grant, then it’s important to contact your local Growth Hub as this is where funding has been allocated. Grants awarded will typically be up to £3,000 but you might be entitled up to £5,000 in special circumstances. Different areas have different funding allocations, so it’ll depend on where your business is based too.

If you could benefit from an SME grant during these challenging times, then act fast. All grants must be allocated by 28 February 2021. All grant-funded activity has to be completed by 31 March 2021 meaning you’re operating on a fairly tight timescale.

Taking Out a Grant for Accountancy Advice

As already mentioned, grants can be used to gain access to vital services during the pandemic such as much-needed accountancy advice. If this is something you’re interested in, please don’t hesitate to speak to us. We’re available to talk through your needs and unique business requirements before you make an application. Expert advice and reassurance are necessary during times of economical instability. That’s why we’re here to offer as much help and support as possible. Our team is friendly, helpful, knowledgeable and fully trained to handle all your queries.