£20m in new grants to support SME recovery
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The Governments new recovery grant will give small and medium sized businesses access to specialist professional advice or equipment needed to help them on their journey to recovery from the initial impact of COVID-19. The funding aims to improve SME competitiveness in the wake of COVID-19, where revenue has declined and business models have been disrupted. SME’s account for 50 percent of the total revenue generated by UK businesses and 44 percent of the country’s labour force, making them a vital part of the UK economy.
The scheme will provide grants to successful applicants of between £1,000 and £5,000, to help them obtain advice from accountants, lawyers, IT/digital or sector specialists, as well as other professional advisors.
The grants can also be used to purchase minor equipment (excluding screens, PPE or changes to implement social distancing) which the business needs in order to adopt new technology, adapt to continue in business, or indeed diversify as a result of the impact of COVID-19.
The grants are being awarded by 38 Local Enterprise Partnerships (LEPs) which have each been given a minimum of £250,000 for this purpose. It should be noted that each LEP has its own application date and deadline for receiving grant submissions.
For example, the South East Midlands LEP grant opens for applications at 9am on Monday 14th September with 200 grants available. Whereas, the Buckinghamshire LEP opens its application process at the end of September. These grants are subject to strict time constraints, so if you are considering applying, ensure you do so at the earliest opportunity as demand will be high.
Grant funding allocated per LEP
Covid-19 Consulting and Advisory Service
Any advice received in respect to the impact of, and recovery from, COVID-19 as part of our Consulting and Advisory Service could be covered by the recovery grant, should your application be successful.
Our Consulting and Advisory Service provides support to businesses, offering strategic advice to help them grow and develop their service and/or product offering. We also use our expertise to provide information on relevant funding and grants, such as this recovery grant.
COVID-19 has thrown businesses into a position where there are many unknowns and uncertainties, putting extra pressure and time demands on senior management and leadership teams. Having a clear strategy in place allows for focus, direction and control, which is key to enabling a business to begin its journey to recovery.
Our COVID-19 Consulting and Advisory Service includes meeting(s) to:
- Discuss in detail your business and its needs
- Understand the impact of COVID-19 on staff, suppliers, clients, the market, turnover etc
- Set objectives in terms of recovery and future growth and development
A detailed COVID-19 support plan will be prepared and agreed with your management/leadership team. This plan will provide focus for your business on key areas and specific actions needed. We will then support your business and provide advice in looking at these actions and the steps which need to be taken to enable your business to recover from the impact of COVID-19.
Our Consulting and Advisory Service can also be used by businesses (small, medium or large) that have not been adversely impacted by COVID-19. We can provide a strategic plan for any leadership and management team, giving them time to focus on key areas of the business and feel in control of where their business is heading.