New funding for Gloucestershire SMEs
Aug 11, 2020
On 30 July, the Minister for Regional Growth and Local Government announced that small and medium sized businesses are being given access to £20 million of new government funding to help them recover from the effects of the coronavirus pandemic.
Grants are being made available, worth between £1,000 and £5,000, which will enable SMEs to purchase new technology and equipment, as well gain the right professional advice to help them get back on track – whether it be financial, legal, IT, marketing or any other business support.
This latest package of support is in addition to the previous government schemes designed to help businesses keep afloat both during and after the crisis. The announcement was made by Simon Clarke MP, Minister for Regional Growth and Local Government, during a visit to local business leaders in Cornwall. He said:
“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.”
This latest support is being funded by the government through the England European Regional Development Fund. It will be distributed locally via the Gloucestershire Growth Hub, which is working closely with government and the team at GFirst LEP. Initially, a minimum of £250,000 has been set for all LEP areas, which will be reviewed as necessary.
The Growth Hub is in the process of gathering the required evidence and documentation that they will need to administer the grants in line with government policy, and they are clarifying the criteria against which grant decisions can be made. It is their intention to be able to start administering grants as soon as possible.
If you would like to be alerted by the Growth Hub when grant applications open, you can leave your details on this simple form.
If you have any queries about the grant funding or would like recommendations on accessing professional advice, please do get in touch with team and we’ll be happy to help.