New Covid-19 Recovery Fund: £20 Million in Grants For Small Business

New Covid-19 Recovery Fund- £20 Million in Grants For Small Business
New Covid-19 Recovery Fund- £20 Million in Grants For Small Business

The Government has announced it is offering £20 million in small business grants as part of its push to kickstart the economy.

Grants of between £1,000 to £5,000 are being made available to provide much-needed cash injections to small businesses in England that have been hit by the pandemic.

The grants have been launched to help businesses “access new technology and other equipment as well as professional, legal, financial or other advice to help them get back on track”, according to Simon Clarke MP, Minister for Regional Growth and Local Government.

The government funding will come through the England European Regional Development Fund, with distribution of funds administered by local ‘growth hubs’ across England.

A minimum of £250,000 has been made for all Local Enterprise Partnership areas.

The newly-launched fund forms part of the Government’s financial package designed to boost the economic activity.

Other measures have included the £2 billion Kickstart Scheme to create new, fully subsidised jobs for young people across the country, the £1.6 billion invested in scaling up employment support schemes, training and apprenticeships to help people looking for a job, as well as other emergency schemes and funds.

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