The government have introduced a new SME Recovery grant to help those who need to pay for financial support. Financial support covers everything from paying a financial advisor to raising funds in order to pay your accountant.
The government has set aside £20 Million of funding available to all SME’s as a boost to help recover from the Coronavirus pandemic.
How much is the Grant
The grant that will be awarded is between £1,000 to £3000 and in some exceptional cases, up to £5,000 for those who may require specialist advice.
When can I apply
The grant is based on a first come first served basis, and opens on Tuesday 15th September 2020, if you wish to take advantage of the grant, we advise you do so as soon as possible to avoid missing out.
Where can I place my interest in the grant
You can apply your interest in receiving the grant by following “This Link“. You will need to select your local area where you will be redirected to the relevant LEP.
Applications for the grant will be closed once the limit for interest has been met.
How long will I wait to receive the grant
Each application is considered on a case by case basis, but if aproved, the grant will be paid within 10 weeks of initial application.
Am I Eligible
In order to be eligible you must meet the following criteria.
- You need to be or operate a Small to Medium sized business
- Are able to continue to operate your business after surviving the impact of Covid-19
- Needed to have been impacted by the affect of Covid-19 (Business affected by it)
- Must have fewer staff than 250
- Turnover must be below €50million
- Balance sheet lower than €43million
- Any other business state aid already received in the last 3 years can be no more than €200,000.
What can the grant be used for
The whole grant must be used for specialist advice to address your immediate needs. It can not be used for any other purpose. The grant must cover 100% of the cost for the service of product you require.
What do I need to make a claim
Each LEP has its own requirements, however you will likely be asked the following:
- Name
- Company name, address and contact details.
- Number of employees, and number at risk of losing jobs.
- Previous year turnover and current year turnover (projected)
- Description on how your business has been negatively impacted by Covid-19
- Description of what you intend to use the grant for, based on guidelines below.
How will my business be assessed
Eligibility checks will also take the following in to account.
- Your businesses potential to respond to the impact of Covid-19
- The ability to identify ability to rebuild your business following the impact of Covid-19
- Ability to deliver within a timescale of 1 month.