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£20 million in new grants to boost recovery of small businesses

3rd August 2020 – The government has announced that it is launching a £20m funding package to help small businesses recover from the pandemic.

The funding will mean that small and medium businesses will have access to grants of between £1k to £5k to help them with technology, equipment and advice to help them bounce back from the effects of lockdown.

The support will be fully funded by the government from the England European Regional Development Fund and distributed through Growth Hubs, embedded in local areas across England.

Funding will be allocated to Growth Hubs within each Local Enterprise Partnership (LEP), with a minimum of £250k for all LEP areas.

Simon Clarke, minister for regional growth and local government, 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.”

Read more at: GOV.UK