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Covid-19 Grant for Small and Medium Size Enterprises (SMEs)

The Government launches a new scheme to support SMEs affected by coronavirus.

The Government have confirmed plans to provide the London Growth Hub with £1.6m from the European Regional Development Fund (ERDF) to launch a new SME grant fund.


SMEs that are eligible will receive grants up to £5,000 to help them access professional, legal, financial or other advice and /or new technology, as well as other minor equipment to address their immediate needs in response to the impact of COVID-19. Funding will be made available to both SMEs in Visitor Economy sector and SMEs in the wider economy (which covers all other sectors).


Eligibility


To be eligible the business must:

  • be based in the Greater London Area;

  • employ fewer than 250 people and have a turnover of less that €50M and a balance sheet below €43million;

  • be trading on or before 1st March 2019 and should still be trading;

  • be able to demonstrate that the business has been adversely impacted by COVID-19;

  • have the ability to survive following the impact of COVID-19; and

  • not have exceeded the following level of State Aid (If your business has received state aid in the last 3 years, the total should not be in excess of €200,000. Businesses exceeding this level of state aid funding will not be eligible.

Eligible expenditure


The grant is available to help SMEs access one-to-one specialist advice to address their immediate needs. The grant must cover 100% of the cost of the service and cannot be used to part-fund expenditure.


Some examples of eligible expenditure include:

  • Review of the business strategy

  • Rebuilding a viable business model

  • HR, financial and legal advice

  • The introduction of new technology

  • Developing or revising marketing/digital strategies to reach new markets

  • Mitigating the impact of social distancing measures

  • Employee engagement, welfare and wellbeing

Grants may also be used to purchase minor equipment to adapt or adopt new technology in order to continue to deliver business activity in response to Covid-19 or diversify.


How to apply


The scheme is currently not open for applications until later this month/October. However, SMEs can register their interest now by clicking here.


Further information about the scheme can be found here.

Regulatory & Disclaimer

Broadlegal is the trading name of Broadlegal Ltd incorporated in England & Wales Reg. No. 11306683 with registered office address at Ludgate House, 107-111 Fleet Street, London EC4A 2AB. This firm is not regulated by the Solicitors Regulation Authority (SRA). However, we are authorised by the SRA to provide non-reserved legal services under SRA No. 666810. Our legal services are provided by solicitors who are personally authorised and regulated by the SRA. Please note that not all services advertised on this website are directly provided by this firm. Some services (reserved) are provided by our solicitors through our partner firm, Queenscourt Law,  authorised and regulated by the SRA under SRA No. 664348. 

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