A new grant scheme launched yesterday, which is aimed at helping businesses recover from the effects of coronavirus and the resulting impacts that many businesses have suffered.
The grant in our area is being administered by the Heart of South West Growth Hub, and more details, including the application form, are contained HERE
The grant funding available is between £1,000 and £3,000 and is to fund specialist professional advice a business may need (e.g. HR, financial/accounting, IT and digital services), as well as the purchase of minor pieces of equipment to help businesses adapt or to adopt new technology as part of any recovery plan. Approximately £750,000 has been made available in our area for this grant.
Grant funding cannot be used to provide working capital, purchase of equipment and PPE to facilitate social distancing or capital items (for this purpose a capital item is something that has a value in excess of £5,000 at the date of purchase). In addition, a number of business sectors are excluded from applying (e.g. fisheries, processing and marketing of agricultural products, schools etc).
The funding can cover 100% of eligible expenditure – no match funding is required. Applicants need to have been trading for at least 12 months to be eligible to apply
As is usual with grants, it cannot fund any expenditure that has already been incurred, and as part of the application process quotes will need to be provided as part of the application process.
This grant funding should provide useful additional support to small businesses in Devon and Somerset who are working hard to bounce back from the impacts of coronavirus.
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