Last week, the Government announced that it had a £20m pot of money to fund companies requiring a small business technology grant.
Small and medium-sized businesses can access grants between £1,000 and £5,000, in order to upgrade technology, equipment and/or hire professional advisors, but what are the restrictions and how do you apply?
What can a small business technology grant be spent on?
The small business technology grant can be used to buy, adapt or adopt new technology in order to carry on trading or diversify during the COVID-19 pandemic, but it can also be used to cover the cost of:
- Accountancy services
- Financial services
- Human resources
- IT and digital services
- Legal services
Is there any monetary contribution required from myself in order to access a small business technology grant?
No. You may be aware of other such grant schemes to which you have to contribute in order to be eligible, but this is not the case here. The funding comes via Local Enterprise Partnerships (LEPs) of which there are currently 38, with each LEP area being allocated a pot of at least £250,000 to establish a grant programme.
How do I access a grant for my business?
The £20m of technology and support grants are being administered by the Government’s 38 regional growth hubs, details for which can be found here.
If you’re a Lancashire business, you will need to contact Boost; the county’s designated growth hub.
When is the funding available?
Companies seeking funding should make contact with their local LEP to register their interest as soon as possible. Further details are expected soon about how the grants will work and when businesses can start claiming under the scheme.
The funding is being provided to address immediate needs and all grants must be awarded by 28 February 2021, with all activity fully completed by 31 March 2021.