If your business has fallen on hard times due to the ongoing coronavirus pandemic, you are definitely not alone. New research shows that almost one fifth (17 per cent) of small-and-medium- sized enterprises (SMEs) are unsure if they will survive the pandemic. We have seen mass redundancies, longstanding businesses suffer closures and even big corporations take a loss in profit. The retail and hospitality sectors have suffered the worst hit and almost three quarters (73 per cent) of small firms experience a drop in their income during lockdown. Those who have suffered the worst by far is SMEs. With more than 16.5 million people employed by SMEs, it’s definitely a worrying and uncertain time for a lot of businesses.
Fortunately last month, the government announced that they will be providing £20m worth of grants for small businesses to upgrade technology. SMEs are now able to access a small business technology grant between £1,000 and £5,000.
The purpose is to help small businesses upgrade technology, equipment and even hire professional advisors.
Administered by the Government’s 39 regional growth hubs, here’s a few things you can focus on with the grant:
– Human resources and legal
– IT and digital
– Events that follow guidance
You can find the list of growth hubs where you apply for the new £1,000 to £5,000 small business technology grants here.
SMEs are at the centre of the economy, they provide employment and opportunity for many. They contribute significantly to local economies and community. It is great to see the Government both recognise and support this. Hoping for a much-needed boost and motivator for the country’s small businesses, this new funding should help aid businesses in recover, rebuild and, of course, adapt following the fallout of the coronavirus pandemic. It is also a chance to access new equipment and perhaps upgrade procedures and technology too.
To learn more about managing your small business finances, contact Fortuous today and speak with an experienced London accountant who can answer any questions you might have. Be sure to click this link to Get An Instant Quote today!
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