2020 has brought unprecedented changes to the business world. There is plenty of support available to help those hit hard by the coronavirus pandemic, but getting the information out there can be a challenge. Here’s five grants that are available to apply for now or in the near future.
- Innovation Funding
Innovate UK is a national funding agency which invests in science and research in the UK. It aims to stimulate productivity and growth by supporting innovation. From January 10th 2021, it will open a round of Innovate UK Smart Grants. If your business meets the eligibility criteria, you can apply for a share of up to £25m.
- Local Enterprise Partnerships
LEPs are responsible for bidding for central government funding. There are 38 LEPs across the UK, and in August 2020 they received a share of the £900m Getting Building Fund, which is destined for housing and infrastructure projects across the UK. Local businesses are advised to engage with their LEP ahead of any future funding.
Growth Hubs are local public/private sector partnerships led by LEPs, and they also channel government business support. The government made available a £20m funding package for small to medium businesses across England in June 2020. Businesses can apply for grants of £1,000 to £5,000 to help them recover from the impact of Covid-19.
- The UK Shared Prosperity Fund
This has not been finalised yet, but it is designed to replace the European structural and investment funds after the end of the Brexit transition period on 31st December 2020. The aim of the funding is to level up regional disparities in wealth and opportunities.
- 5. Covid-19 Government Cash Grants
Following the November lockdown, the government put in place two new funds. The Local Restrictions Support Grant (LRSG) are mandatory grants for non-essential businesses required to close during lockdown.
The Additional Restrictions Grant (ARG) are discretionary grants available to businesses not legally required to close, but are still impacted by the lockdown.
If you would like any help or advice about applying for grants, contact your local accountants today.