What is a Business Grant?
Grants are non-repayable funds or products disbursed or given by one party (grant makers), often a government department, corporation, foundation or trust, to a recipient, often (but not always) a non-profit entity, educational institution, business or an individual.
The grants listed below are aimed at the local business community, they will each have their own criteria, so it is worth taking the time to read what is eligible to be applied for.
The Recovery Loan Scheme
Launched on 6 April 2021, the Recovery Loan Scheme (RLS) provides financial support to businesses across the UK as they recover and grow following the coronavirus pandemic.
You can apply to the scheme if Covid-19 has affected your business. You can use the finance for any legitimate business purpose – including managing cashflow, investment and growth. However, you must be able to afford to take out additional debt finance for these purposes.
If your business has already borrowed from any of the other coronavirus loan schemes – namely:
- the Bounce Back Loan Scheme (BBLS)
- the Coronavirus Business Interruption Loan Scheme (CBILS)
- the Coronavirus Large Business Interruption Loan Scheme (CLBILS)
RLS is still open to you, although the amount you have borrowed under an existing scheme may in certain circumstances limit the amount you may borrow under RLS.
RLS will run until 31 December 2021, subject to review.
£20 million SME Brexit Support Fund opens for applications
The SME Brexit Support Fund could give you up to £2,000 to help with training or professional advice, if your business has up to 500 employees and no more than £100 million annual turnover.
Smaller businesses can apply for grants of up to £2,000 to help them adapt to new customs and tax rules when trading with the EU.
The £20 million SME Brexit Support Fund enables traders to access practical support, including training for new customs, rules of origin and VAT processes.
Small and medium sized businesses that trade solely with the EU – and are therefore new to importing and exporting processes – are encouraged to apply for the grants.
This follows the government setting out a new timetable for introducing import border control processes to enable UK businesses to focus on their recovery. Full import border control processes will now be introduced on 1 January 2022, six months later than originally planned.
What you’ll be able to use the grant for
You can use the grant for training on:
- how to complete customs declarations
- how to manage customs processes and use customs software and systems
- specific import and export related aspects including VAT, excise and rules of origin
It can be used to help you get professional advice so your business can meet its customs, excise, import VAT or safety and security declaration requirements.
Who will be able to apply
Your business must:
- be established in the UK
- have been established in the UK for at least 12 months before submitting the application, or currently hold Authorised Economic Operator status
- not have previously failed to meet its tax or customs obligations
- have no more than 500 employees
- have no more than £100 million turnover
- import or export goods between Great Britain and the EU, or moves goods between Great Britain and Northern Ireland
Your business must also either:
- complete (or intend to complete) import or export declarations internally for its own goods
- use someone else to complete import or export declarations but requires additional capability internally to effectively import or export (such as advice on rules of origin or advice on dealing with a supply chain)
Check out the grants available in Hertfordshire
New funding has been made available by the Government and allocated to Growth Hubs to help smaller businesses recover and rebuild following the effect of the COVID-19 pandemic.
There’s lots of other grant funding opportunities in the County, click here to view them:
Crowdfund Hertfordshire: Small Business Innovation Fund
Hertfordshire Local Enterprise Partnership and Visit Herts are working in partnership to offer small and micro businesses within the tourism, leisure, hospitality, retail, arts and cultural sectors the chance to unlock between £2000 and £5000 in match funding to help overcome the challenges of Covid-19.
The £200,000 Hertfordshire LEP fund will be administered by Visit Herts and delivered through the Crowdfunder Pay it Forward platform. Participating businesses will raise money for their project through pledges from their community and loyal customers. Once a business secures their target through the Crowdfunder campaign, successful applicants will be able to unlock between £2,000 – £5,000 in match-funding from the Crowdfund Hertfordshire: Small Business Innovation Fund.
To qualify, your business will need to be located in Hertfordshire and be a micro or small business primarily operating in tourism, leisure, hospitality, retail, arts or culture sectors. You will need to demonstrate that your business has been affected by Covid-19 and how you would use the funding to adapt your current business to either operate during lockdown, or to adjust to post lockdown measures. You will also need to clearly demonstrate that the adjustments you intend to make will help protect jobs directly within your business.
If your business is eligible and you are interested in getting involved, you can apply for the fund here.