Small businesses in tourism-dependent destinations can now apply for a share of a new £10 million grant fund, it has been announced.
The new scheme forms part of the Government’s economic rescue package designed to support firms affected by Covid-19.
According to the Treasury, small businesses in regions which heavily rely on the flow of tourism can now apply for a non-repayable grant fund of up to £5,000 to prepare and adapt their business for life after lockdown.
Each business can use the cash to pay for 100 per cent of the costs of specialist professional advice (such as human resources, legal or financial expertise), to adopt new technology and online systems, or to purchase new equipment.
The funding will be allocated to regions across the UK based on local employment rates linked to tourism and hospitality, such as coastal and rural areas.
Commenting on the announcement, Minister for Regional Growth and Local Government Simon Clarke: “Kick-starting domestic tourism will be key to our economic recovery and that is why I am delighted to announce £10 million in new funding for small businesses in tourist destinations, bringing jobs, investment, and financial support to the communities who need it the most.”
Tourism Minister Nigel Huddleston added: “This fund will help many small businesses in tourism destinations and with the infrastructure investment brought forward will provide a further boost for jobs and growth.”
For support making a finance or grant funding application, please get in touch with our expert team today.