£20 million in new grants to boost recovery of small businesses – what we know - PKF Francis Clark
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£20 million in new grants to boost recovery of small businesses – what we know

Updated as of 20 August 2020

If other LEP Growth Hubs look to administer this grant money in a similar manner to Heart of South West this £20m plus the £10m for Kick Starting Tourism may be administered as a single pot – see latest blog.

I have updated some of the links to Growth Hub websites below but otherwise this blog is superseded.

As at 6 August 2020

Late last week, a new grant scheme was announced by the Minister for Regional Growth and Local Government, Simon Clarke, which is expected to be live mid to late August.

An overview

So what do we know about this new grant scheme so far from the press release and related materials?

  • Small and medium sized businesses will have access to grants of between £1,000 – £5,000 to help them access new technology and other equipment as well as professional, legal, financial or other advice to help them get back on track (see further below)
  • 100% grant funding i.e., no financial contribution required from the business itself
  • The funding being provided to businesses is supported by the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Ministry of Housing, Communities and Local Government is the Managing Authority for the European Regional Development Fund (ERDF) in England
  • The funding has been allocated to Growth Hubs within each Local Enterprise Partnership (LEP) area in line with the current ERDF Programme but with a minimum of £250,000 for all LEP areas (see further below)
  • All grants must be awarded by 28 February 2021

Growth Hub allocations and links to information

The allocations of the £20m between the LEPs can be viewed here. Looking at the LEP areas in which we have offices I have summarised the allocations and links to more information below. As mentioned earlier, this scheme is not yet live (per one Growth Hub website it will be live mid to late August).

 

Growth hub Allocation Links to information on grant
Cornwall and Isles of Scilly Growth Hub £500,000 CIOS Growth Hub (1)
Dorset Growth Hub £250,000 Dorset Growth Hub (1)
Heart of the South West Growth Hub £423,544 Heart of SW Growth Hub (1)
Swindon and Wiltshire Growth Hub £250,000 Swindon and Wiltshire Growth Hub (1)
West of England Growth Hub £250,000 West of England Growth Hub (1)
(1)Growth Hub suggesting businesses contact them (website/ email/ phone) to be kept informed on this grant and / or to register an interest

I and/or my colleagues will keep our eyes and ears open for more information appearing on the Growth Hub websites and look to update this post in due course.

PKF Francis Clark 

I have noted that activities supported through the £20 million of funding must be to directly respond to the impact of COVID-19 and can include:

  • One-to-many events providing guidance to respond to coronavirus
  • Grants (£1,000 – £5,000) to help businesses access specialist professional advice such as HR, accountants, legal, financial, IT and digital, and to purchase minor equipment to adapt or adopt new technology in order to continue to deliver business activity or diversify

Something that we have started to offer our clients over recent months is a Covid Business Review providing an understanding of the current situation and where the business is, along with a plan on how to maximise those opportunities and to stay agile to the challenges ahead.

If you have any questions on this, along with any questions on how we can support your business (such as a Covid Business Review), please do let us know and we will be more than happy to help.

FEATURING: Richard Wadman
Richard qualified as a Chartered Accountant with KPMG in 1993. Since 2006 he has worked in Corporate Finance, firstly with the predecessor firm in Truro… read more
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