Small and medium sized business in Greater Manchester are set to benefit from a newly announced government funding scheme.
The government funding can be accessed as grants of between £1000 and £5000, which can be used by small businesses in England to invest in new technology and equipment, as well as cover the costs of professional, legal or financial advice to support their recovery following the coronavirus lockdown. Funding can also be used by regional Growth Hubs to provide one-to-many guidance to respond to the coronavirus crisis.
A total of £20 million is being made available for small businesses in England, of which £1,049,321 of funding has been allocated to Greater Manchester. The scheme has been funded from the England European Regional Development Fund and is being distributed through local Growth Hubs nationwide.
Minister for Regional Growth and Local Government, Simon Clarke MP said:
We have always said that we would stand behind our businesses and communities as we rebuild following the coronavirus pandemic. This new funding does exactly that.
“Businesses will be able to use these new grants to pay for the expertise, equipment and technology they need to adapt, recover and rebuild.
“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.”
The funding for small businesses are part of a series of measures announced by government to support economic recovery following the coronavirus lockdown. Other measures include the £2 billion Kickstart Scheme to subsidise employment opportunities for young people.