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New Funding to Help Gloucestershire SMEs Recover from The Effects of The Coronavirus Pandemic

30th July 2020, 08:07
News
Covid 19
Finance
Recovery Grants

SMEs in Gloucestershire are set to benefit from new government funding to help them recover from the effects of the coronavirus pandemic, the Minister for Regional Growth and Local Government has today announced.

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, we are working closely with government and our local GFirst LEP to bring this to market as quickly as possible.

We are in the process of gathering the required evidence and process documentation that we 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 our intention to be able to start administering grants as soon as possible.

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