The Mayor of Cambridgeshire & Peterborough, James Palmer, has launched a 2.3 million pound grant scheme to help businesses struggling to cope during the pandemic. The aim is to enable smaller companies to strengthen their capacity to survive the outbreak and to 'build muscle' for the future.
It'll be available all across the region, not just in Cambridgeshire and Peterborough. See below for a full list of the areas it covers:
- The county of Cambridgeshire
- The district council areas of Cambridge City
- South Cambridgeshire
- East Cambridgeshire
- Peterborough City
- West Suffolk
- North Hertfordshire
- South Kesteven
- South Holland
- King's Lynn
- West Norfolk
The 'Covid-19 Capital Grant Fund' will offer grants from £2000 to £150,000 for new capital investment projects. This could include buying new kit, building new extensions, updating production lines and more.
It comes at a time when businesses across the East are struggling to stay afloat, but there is an increasing amount of support available to them.
Last month, the Milton Keynes and Northamptonshire chambers of commerce teamed up to create a £100,000 fund to support firms negatively impacted by the outbreak.
Eligible applicants for the scheme launched by Mayor James Palmer will be Small to Medium sized Enterprises (SMEs). This includes any registered limited company with fewer than 249 employees, a turnover not exceeding 46 Million Euros, and a balance sheet that does not exceed 46 Million Euros.
The Mayoral Combined Authority says companies can check to see if they are eligible, and apply for the scheme, online. Companies that don't fit the criteria for these particular grants will be signposted to other support resources, including Cambridgeshire & Peterborough’s Growth Hub, for which they may be eligible.
Coronavirus: Everything you need to know