Further to the announcement of the £20 million grant package to boost recovery for SMEs, we are expecting details to be announced imminently.
Get ready to submit an Expression of Interest
Whilst we await clarification on the exact process, we expect there to be a requirement to submit an expression of interest. Given the anticipated level of interest, it would be wise to have your information ready if you are planning on applying. This will include information on headcount as well as your financials expressed in Euros as this is supported by the European Regional Development Fund.
Who is eligible for LEP recovery grants?
These are being administered by each of the Local Enterprise Partnerships (LEPs) and its possible that each may have a specific requirement. We have seen that a couple (London Growth Hub and Enterprise M3 covering Surrey and Hampshire) have already published criteria which includes;
• Your business needs to have been negatively impacted by COVID-19
• Your business must have the ability to survive following the impact of COVID-19
• Your business staff headcount must be below 250.
• Your business must have a balance sheet of below €43million.
• Your business must have a turnover of below €50million.
What can the LEP recovery grants be used for?
The Grants (£1,000 – £5,000) are to help businesses access specialist professional advice such as accountancy, legal, financial, IT and digital and HR, and to purchase minor equipment to adapt or adopt new technology in order to continue to deliver business activity or diversify.
Examples of recovery advice that we could help with include;
• Review of the business strategy eg What If scenario planning to support the development of new recovery strategies
• Strategic review of business models
• Management intelligence on financials in order to evaluate strategic choices
• Employee engagement and long term incentivisation
• Coaching and mentoring the finance team
• Rebuilding a viable business model
• Business Performance Improvement
• Adaptation of financial systems and processes for the prevention of insecurities, failures and fraud.
Consider what advice or technology is essential in order for your organisation to survive and thrive and make sure you have your information ready to make an initial expression of interest.