Solent LEP launch new grant fund to help businesses adapt and diversify in response to impact of Covid-19

No match funding is required for these grants of between £1,000 and £3,000 from the Solent LEP. The deadline is very short, so apply today for a chance of winning funding

typewriter with paper which has funding round written on it

The Solent Local Enterprise Partnership (LEP) is seeking applications for a share of a new £375,000 SME grant fund.

The Restart and Recovery and Kickstarting Tourism Grants have been created specifically to help SMEs in the Solent LEP area to adapt and diversify in response to the impacts of COVID-19, with at least £157,000 ring-fenced to support the visitor economy and the remaining funds open to applications from SMEs in the wider economy.

Grants between £1,000 – £3,000
Funded by the European Regional Development Fund (ERDF), eligible SMEs can access grants of between £1,000 – £3,000 (and up to £5,000 in exceptional circumstances).

All grants must cover 100% of the cost of the product or service applied for, with no requirement for match-funding.

What the money can be spent on
Examples of eligible expenditure on professional services include:

  • Review of the business strategy 
  • Strategic review of business models
  • Development of recovery plans
  • HR, financial and legal advice 
  • Coaching and mentoring in leadership and management development / Change management 
  • Innovation strategy to adapt and diversify products/services  
  • The introduction of new technology
  • Developing or revising marketing/digital strategies to reach new markets
  • Mitigating the impact of social distancing measures
  • Rebuilding a viable business model
  • Developing product offerings
  • Legal and environmental health compliance
  • Skills analysis and development plans 
  • Workforce management 
  • Employee engagement, welfare and wellbeing

Equipment or other means to adapt
Grants may also be used to purchase minor equipment to adapt or adopt new technology in order to continue to deliver business activity or diversify. For example, a tourism business may need to purchase a second cash register to enable adequate social distancing in its gift shop.  Other examples of potentially eligible expenditure on equipment (where a Covid-19 related impact can be demonstrated) could include: 

  • IT hardware to support home working (excluding [the replacement of existing] PC/Laptop and mobile phones) 
  • Software to enable secure remote working
  • Online sales/purchasing platforms 
  • Equipment for remote working including desks, chairs etc. 
  • Cloud-based storage
  • Website creation / development

Johnson: Addressing potential new opportunities
Solent LEP Chair, Brian Johnson said:

“The visitor economy is incredibly important across the whole Solent region and this fund will allow this sector specifically to apply for help.

“This fund has been created in response to a number of SMEs seeking specialist advice to further mitigate the impact of COVID-19 in order to build resilience within their business. 

“The grants will also help if SMEs want to address potential new opportunities which could require ongoing support and guidance.”

Allocated on a competitive basis
To be eligible for the fund, you must be an existing SME with at least one year’s trading history. All funds will be allocated on a competitive basis providing the strongest bids with funding and we are particularly keen to encourage applications from those that have not previously received COVID-19 related support.

Round one of the Fund will close once 1,000 applications have been received, or one week from its launch on 16th September, whichever is the sooner.

Should 1,000 applications not be received, round one will close at 11:59 pm on 23 September 2020. The Solent LEP is expecting application levels to be very high and is strongly encouraging businesses to apply as soon as possible. 

To find out more information and apply, visit the Website.

News shared by Bex on behalf of Solent LEP. Ed

Image: CC BY 2.0

Thursday, 17th September, 2020 12:11pm



Filed under: Business, Island-wide, Isle of Wight News, Top story

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1 Comment on "Solent LEP launch new grant fund to help businesses adapt and diversify in response to impact of Covid-19"

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Angela Hewitt

At this moment in time I think most businesses and organisations want revenue funding to cover ongoing costs while turnover is simply recovering. I have read the criteria for this grant and it is mostly about spending on capital and consultancy. Also it pays in arrears which is very unhelpful.