The Government has made £20m of funding available to boost small businesses recovery from the Coronavirus pandemic.
These grants might be vital for the survival and recovery of your small business. They could be the spark that builds the momentum for your recovery.
One of the purposes of the grant is to encourage SMEs to focus on their strategic planning. Ravi Kesari at Wren Accountants & Business Advisers can help you create your strategic plan – contact him today: email@example.com
How much is the Recovery Grant?
It’s funded by the European Regional Development Fund (ERDF). The eligible SMEs can access grants of between £1,000 – £3,000 (up to £5,000 in exceptional circumstances) for specialist advice.
There is no obligation for businesses to contribute financially as the grant is fully funded.
First come, first served
Given the current state of the economy, the scheme is guaranteed to be very popular. Therefore, funding is extremely limited. Expressions of interest (EoI) should be made as soon as possible after the scheme opens.
There is no waiting list so decisions will be made on a first come, first served basis. The gateway diagnostic will close when the expression of interest (EoI) limit has been reached.
Nottingham & Derbyshire grants will be processed via the D2N2 Growth Hub: https://www.d2n2growthhub.co.uk/news/latest-news/d2n2-growth-hub-to-receive-cut-of-20m-in-grants-to-boost-small-business-recovery/
Leicestershire Grants are through the Business Gateway Hub: https://bizgateway.org.uk/full-applications-open-for-small-business-recovery-100-grant/?dm_i=36DV%2C12PES%2C7U1M3X%2C44BJ2%2C1&fbclid=IwAR1B_F_jgbsyk6O2kt661a6H7RhVxE-6RSmGt8R2vlVXp92D6Kx5yW9GPCU
The scheme in each Local Enterprise Partnership (LEP) area has different guidance, start and closure dates. You can find your local LEP details here.
If successful, how long will the business have to wait to receive the grant?
Grant payments will not be made until up to 10 weeks after the purchase of the item or service the business has paid and claimed for.
The business will be paid upon production of an invoice for the service.
If you have any questions then please do not hesitate to get in touch with Ravi on 07931 130069.