Government launch £20 million small business recovery grant
Now more than ever, small business owners need a good plan in place for recovery, and a handle on how much cash their business needs to survive and thrive into the future.
On Tuesday 15 September 2020 the Government is making £20 million of funding available to boost small business’ recovery from the Coronavirus pandemic.
This will support specialist advice (that’s us), new equipment, and technology (also us!). We are here to support you with your recovery plans!
We believe that every business should have a business plan in place and a cashflow forecast, but at the same time we’re advising you to cut costs.
With this funding you can get a plan in place and the Government will cover our fees.
How much is the grant?
- Eligible SMEs (small and micro entities) can claim grants between £1,000 and £3,000
- Maximum £5,000 in exceptional circumstances
- There is no need for business to contribute.
- The grant is fully funded by the European Regional Development Fund (ERDF)
- And available through your local LEP
- For Herefordshire this is Marches LEP, but you can find your local LEP here
Which businesses are eligible?
- Will have been negatively impacted by COVID19
- Must have the ability to survive following the impact of COVID19
- Has received less than 200,000 Euros in state aid in the last 3 years
- Must be an SME with:
- Under 250 full time employees
- Less than 50 million Euros turnover
- Less than 43 million Euros balance sheet value
What can you use the SME recovery grant for?
Areas we can support you in:
- Review of your business, and create a solid business plan
- Create clear goals and actions for the future
- Build a budget and cashflow forecast for next 1 to 3 years
- Coaching and mentoring in leadership and management development
- Rebuilding a viable business model
- Introduction of new technology (think of apps to manage and monitor your cash, and streamline your processes)
Areas we can give general guidance on, and recommend specialists:
- Developing or revising marketing/digital strategies
- Skills analysis and development
- Employee engagement, welfare and wellbeing
(these are examples, we will have more info once the fund is launched)
How do you apply?
- We’re waiting for more info, but there is likely to be an expression of interest first, before the main grant application
- We’re also awaiting deadlines for each stage
- Also don’t commit to anything until you have the grant awarded, as this may invalidate your application
How can Kinder Pocock help?
We’ve been supporting our small business owners throughout the COVID19 pandemic, providing up to date guidance, action plans, cashflow forecasts, and most importantly being an ear to listen to and help with your worries, ideas, and direction.
We have hands on experience to support you with your recovery plans, and give you back confidence, clarity and focus.
What you can do now:
- Check our our COVID 19 Survive and Thrive Recovery Plan, which should be covered by the SME recovery grant!
- Also keep an eye on our COVID19 Support page for loads of useful info and guidance.
- For an initial 30 minute business action plan, choose a date: