The recent pandemic isn’t only causing massive damage to people's personal lives but also their livelihoods - especially if they own an SME. Small and medium enterprises (SMEs) make up 50% of the total revenue achieved by UK businesses and 44% of the country’s labour force, making them a significant element of the UK economy.
After discovering a The Innovation Voucher Programme for SME’s in Birmingham - we’ve also highlighted a UK SME fund called ‘COVID 19 Business Grant Scheme’. Read and apply quickly as you don't have long left!
COVID-19 Business Grant Schemes
There are two Government funding schemes available in the UK, under the COVID-19 Business Grant Schemes. There is some variation as to what these are called and how they’re broken down, region to region, but they’re generally along the same lines. They’re specifically in place to support companies in the retail, hospitality and leisure industries. The first is the Small Business Grant, and the other is the Retail, Hospitality and Leisure Grant - as named by Shropshire. A company can only apply to one scheme.
Small business grant
All businesses in England that receive either small business rate relief or rural rate relief are eligible for a £10,000 payment (as long as they’re eligible)
Businesses must have a rateable value of below £15,000
Business for personal uses are ineligible
Car parks, parking spaces etc. are ineligible
Equally, businesses that, of March 11th, were in liquidation or dissolved are ineligible
Discover more about the small business grant here.
Retail, hospitality and leisure grant
All businesses in England that get expanded retail discount and have a rateable discount below £51,000 can get grants of £10,000 or £25,000 per property
If you company is eligible for the small business grant, you cannot get this one
Companies with a rateable value of £15,000 and below can get £10,000
Companies with a rateable value over £15,000 can get £25,000
Again, certain companies are ineligible for this grant
You will only be eligible for one of the two grants above. Apply before 28th August 2020 by contacting your local Council. Follow this link here.
The Innovation Voucher - expired
In addition to the above schemes, some regions are offering extra financial support, so it’s worth checking what’s available in your area. For instance, to keep the city moving forwards, Birmingham has introduced The Innovation Voucher Programme.
The funding offers up to £2,500 to eligible businesses in Birmingham, Redditch, Solihull or the Wyre Forest to help grow SME’s within the area. Application will be fast tracked for approval if the business is advanced in low carbon, ICT, digital, manufacturing, life sciences or creative areas.
The scheme is pretty simple, for every £1 a business spends on innovation and growth, it will be matched, up to £2,500. The scheme is part-funded by the European Regional Development Fund (ERDF) and run by Aston University, in partnership with Birmingham City University.
That all said, our specialist subject on Mastermind would be all things digital marketing, not emergency grants and funding. For more information on any of these loans, follow the links or simply Google it!
Want to know more? Get in touch :)