New £5,000 Technology Grant for SMEs
The government has recently announced they will be releasing £20 million worth of funding for small and medium sized businesses under its new ‘technology grant’ scheme – here’s how the scheme works and what the money can be used for.
What is a technology grant? On 30 July 2020, the government announced that SMEs (small, medium sized enterprises) will be able to access grants valued between £1,000 and £5,000. The grant is available to all businesses in all sectors.
While not officially called a ‘technology grant’ the money is aimed at giving businesses access to IT and professional services that will help them adapt, diversify, and stay competitive following Covid-19. Examples of what the money can be spent on, include: IT equipment, legal, financial and HR advice.
Is it really a grant and not a loan? The funding is a grant and businesses will not need to contribute to the fund or pay their share of it back. The money will come from the government’s England European Regional Development Fund which is managed by the Ministry of Housing, Communities and Local Government.
How do businesses access the grant? The government is planning to distribute a minimum of £250,000 to each of the UK’s 38 Local Enterprise Partnership (LEP) Growth Hubs. Where a Growth Hub doesn’t exist, the government will work with equivalent local providers. Grants will be awarded on a case by case basis with up to a maximum of £5,000 per business.
The grant is time limited and funds must be allocated by the 28 February 2021. Businesses that benefit from the grant must ensure the money is used by the 31 March 2021.
Details of how individual businesses can apply are yet to be released but to find details of your regional Growth Hub, go to LEP Network, Local Growth Hub Contacts.
Support for your business As a small business, we understand how difficult the current situation is and we’re here to support you during these tough times.
Not only are we qualified to guide and advise in business leadership and management, coaching and mentoring, we can also help when it comes to staff training and HR.
As well as our core support services, we can assist in a range of operational activities including traditional and web marketing and social media management.
If you’d like to find out more about how we can help you adapt, grow and move forwards, call us on 01473 561023 or drop us a note using our contact form.