Government Offers Grants To Small Businesses

Small businesses in England can apply for a government grant to help cover the cost of professional services d advice, including accountancy.

According to ICAEW, the new £20 million grant, which was confirmed in July, will give small firms access to cash grants of between £1,000 and £5,000 to cover the cost of essential business services to aid economic recovery post-lockdown.

The funds will not only cover the cost of routine accountancy services, but also for legal, HR, and IT support.

The grants are underpinned by the England European Regional Development Fund, and can also be used to cover the costs of the installation of new technologies to boost the agility of small businesses, to promote diversity and growth in the post-COVID environment.

Business owners need to apply for these grants via the local growth hubs in their respective Local Enterprise Partnership (LEP) regions. There is £250,000 allocated to each LEP to invest in small companies, supported by the Federation for Small Businesses (FSB) and the regional Chambers of Commerce.

Simon Clarke MP, Minister for Regional Growth and Local Government, said: “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 grants need to be awarded by 28 February 2021, and all relevant activity must be completed by 31 March 2021.

To apply for the grants and identify your LEP, check on the LEP Network website, and to find out more about when they will become available and your eligibility.

If you’ve received a grant from your LEP and you need accountants in Bletchley, get in touch with our experts today.

Published On: September 7, 2020

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