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Recently, 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 - management accounts, statutory accounts, tax
* Financial services - budgeting, cash flow forecast, current finances
* 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
<https://www.boostbusinesslancashire.co.uk/> ; 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.
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