Professional Services Grant
Small businesses in England can access £20m of funding via a professional services grant, which includes accountancy advice.
Since the recent announcement of the new winter economy plan, which replaces the autumn budget due to unprecedented economic uncertainty due to COVID-19, we have a clearer understanding of the government’s predictions for the UK’s economy over the coming months.
Ministers say they have introduced one of the most generous and comprehensive economic plans in the world… to provide certainty to businesses and workers impacted by coronavirus across the UK, with a cluster of new support schemes which make up the winter economy plan.
One such scheme is the professional services grant designed to help small businesses throughout the UK recover from the impact of coronavirus through professional advice – including guidance from accountants.
The scheme will dispense grants of between £1,000 – £5,000 to small and medium-sized businesses from an overall fund of £20m to help them access professional services, advice from accountants, HR experts and lawyers, as well as purchase new technology and equipment.
Interested parties can access the funding – provided by the England European Regional Development Fund – as part of the European Structural and Investment Funds Growth Programme 2014-2020, through 38 growth hubs within their Local Enterprise Partnership (LEP) area. Each LEP has been awarded a minimum of £250,000 to get the programme rolling.
To access this business support, you can apply through your Local Growth. To find yours click here
The growth hub network works alongside local, national, public and private sector partners such as universities, Chambers of Commerce and the Federation of Small Business to coordinate and connect local business to the support they need.
Commenting on the launch of the scheme Simon Clarke, minister for regional growth and local government, said: “Small and medium sized businesses are the beating heart of communities; they provide employment and contribute significantly to local economies and we are determined to give them the support they need to continue to thrive.”
Mark Bretton, who chairs the entire LEP network, said LEPs had an unrivalled understanding and insight of their local economies and were uniquely placed to coordinate the opportunities for the government to bring in new funding for SMEs through growth hubs. By the end of 2020, growth hubs will have received around £72m via the government for businesses, according to Bretton.
With a host of schemes now up and running to help small businesses recover from the economic impacts of Covid19, find out what you are edible for and make the most of the guidance and support available for your business.
At Prestige Business Management we can help your Business
At Prestige Business Management we can help your business understand the best solutions for the success of your business. Further to this the professional services grant can help you access enhanced professional services to support you and your business. Find out what we can do for you today. Call on 0203 773 2927.