Ministers announce £20m funding for small firms

The government has announced £20m of new funding to help smaller businesses recover from the effects of the coronavirus pandemic.

Small and medium sized businesses in England will be able to access grants between £1,000 – £5,000 for new equipment and technology and specialist advice from the fund.

It will be fully funded by the government from the England European Regional Development Fund (ERDF) and distributed through Growth Hubs, embedded in local areas across England.

It has been allocated to Growth Hubs within each local enterprise partnership (LEP) area in line with the current ERDF Programme.

‘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,’ said local government minister, Simon Clarke.

‘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.’

The full details of the LEP allocations are available here.

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