Small and medium sized businesses in the South West will have access to up to £1.9 million as they restart and recover from the effects of the coronavirus pandemic, the Minister for Regional Growth and Local Government has today (30 July 2020) announced.
Grants of £1,000-£5,000 per business will be available for businesses in Cornwall and the Isles of Scilly, Dorset, Swindon and Wiltshire, Devon, Plymouth, Somerset, Torbay, Bristol, Bath and South Gloucestershire to pay for specialist advice such as legal, human resources and financial expertise.
Businesses can also use the funding to buy small pieces of equipment that they need to help them recover from the effects of the pandemic. Growth Hubs around England will support local businesses and local communities to access this funding.
The announcement comes on the same day as Minister for Regional Growth and Local Government Simon Clarke MP will visit businesses and local leaders across Cornwall, including Jubilee Pool in Penzance, a social enterprise project that has benefitted from the funding programme in the past.
Minister for Regional Growth and Local Government, Simon Clarke MP said:
“It is vital that we support small businesses as they seek to recover and rebuild following the coronavirus pandemic.
“This funding reaffirms our commitment to stand behind these businesses which sit at the heart of local communities, providing services, employment and driving the local economy.
“I am looking forward to visiting Cornwall today and meeting local leaders who have worked tirelessly to tackle this pandemic and support their communities.”
This funding will be instrumental to ensuring that small and medium sized businesses across England are supported as the country moves forward from the worst effects of the coronavirus pandemic.
- The support will be fully funded by the Government with no obligation for businesses to contribute financially.
- 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 in England. For more information visit https://www.gov.uk/european-growth-funding
- The funding has been allocated to Growth Hubs within each LEP area in line with the current ERDF Programme. To establish a viable grant programme, we have set a minimum of £250,000 for all LEP areas. The allocation of resources will be reviewed as the grant fund is delivered.
- Growth Hubs work across the country with local and national, public and private sector partners – such as Chambers of Commerce, FSB, universities, Enterprise Zones and banks, co-ordinating local business support and connecting businesses to the right help for their needs. They are locally driven, locally owned and at the heart of the government’s plan to ensure business support is simpler, more joined up and easier to access.
- Activities supported through the £20 million 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.