Kickstart Tourism and Restart and Recovery SME Grants
Don’t miss out! The Government is going to introduce £20m of funding to help the recovery of smaller businesses from the COVID-10 pandemic. The two grant funding options are:
The grant schemes will be open from Tuesday 15th September 2020 at midday. These grants might be vital to the survival and recovery of your business and start the momentum for your recovery. With the current state of the economy, the scheme is guaranteed to be very popular - funding is going to be very limited. Expression of Interest (EoI) should be made as soon as possible when the scheme opens as there is no waiting list so decisions will be made on a first-come, first-served basis. The gateway will close when the EoI limit has been reached.
How much is the Recovery Grant?
Funded by the European Regional Development Fund (ERDF, eligible businesses can access grants of between £1,000 to £5,000 to help businesses access specialist professional advice such as HR, accountants, legal, financial, IT and digital, and to purchase minor equipment to adapt or adopt new technology to continue to deliver business activity or diversify.
There is no obligation for businesses to contribute financially as the grant is fully funded.
Who is eligible for this grant?
To be eligible for this grant:
Excluded Sectors that are not eligible
What expenditure is eligible?
The grant must cover 100% of the cost of the service or product and cannot be used to part-fund expenditure. Exam-plus of eligible expenditure that you can potentially use with the grant are:
Examples on possible eligible expenditure on equipment (where a COVID-19 related impact can be demonstrated) could include:
This is examples only and not an exhaustive list.
What will you need for your expression of interest (EoI)?
You will need to have the following information to hand:
How will businesses be assessed?
All decisions will be final, with no opportunity to appeal. The eligibility checks will take the following into account:
Due to the high volume of EoIs expected, it may take up to 10 working days for full application forms to be sent.
If you are successful in obtaining a grant, how long do you have to wait to receive it?
Grants payments will not be made until up to 10 weeks after the purchase of the item or service has been paid and claimed for. The fund will only be paid upon production of an invoice for the service.
This article was written for Saint Financial Group, a multidisciplinary group based in the UK that helps small businesses develop and grow. SaintFG offers a range of quality solutions in supporting businesses.
Saint provides the luxury of free business consultancy for of our clients, call now for your free consultation with a friendly business advisor to discuss your burning questions and put that energy back into your business!
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