Small and medium-sized businesses will have access to grants 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.
It comes on top of an unprecedented package of Government support to help businesses to recover, including the £2 billion Kickstart Scheme which will create hundreds of thousands of new, fully subsidised jobs for young people across the country, as well as £1.6 billion invested in scaling up employment support schemes, training and apprenticeships to help people looking for a job.
Minister for Regional Growth and Local Government, Simon Clarke MP said: "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.
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 support will be fully funded by the government from the England European Regional Development Fund and distributed through The Growth Hub.
Whilst the fund is not yet available for release to businesses, The Growth Hub are working closely with government and the team at GFirst LEP to bring this to market as quickly as possible.
The Growth Hub is in the process of gathering the required evidence and process documentation that they will need to administer the grants in line with government policy and also clarifying the criteria against which grant decisions can be made. It is their intention to be able to start administering grants as soon as possible.
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Please find full press release here: https://www.gov.uk/government/news/20-million-in-new-grants-to-boost-recovery-of-small-businesses