Everything you need to know about the new SME grant funding

Last week the Government announced a further £20m worth of grants, to help boost the economy and support SMEs, as they look to recover from COVID19.

What does the grant entail?

The grants will be funded through the European Regional Development Fund, which supports local areas throughout England. SMEs in England who have been directly impacted by the Coronavirus outbreak will be able to access grants between £1000-£5000. Funds can either be spent on:

• New technology or IT equipment, enabling them to continue business operations and adapt to the new normal
• Access professional legal, financial, IT, accounts, HR or sector specific advice, helping them to keep on track during the recovery phase

Even though the grants don’t have to be repaid, it’s worth keeping in mind that businesses will have to make the initial payment for the support/technology and then claim the grant back.

When will grants be awarded?

Grants will be administered through the 38 Regional Growth Hubs throughout England, who aim to award all grants by 28^th February 2021. The North East Growth Hub has been allocated over £1.8m, having the potential to help a huge number of SMEs across our region.

Who is able to apply?

Irrespective of the sector in which they operate, small and medium businesses will be able to apply for the grants if they have been directly affected by Coronavirus.

How to apply

Contact your Regional Growth Hub directly. Applications for the support package aren’t open as of yet, but the North East Growth Hub are accepting expressions of interest as of Monday August 10^th, and you can keep up to date with all of the latest information on their website here. In the meantime, we are on hand to help you with any queries you have when it comes to funding. Get in touch and see how we can help.