New £20m professionals devices grant for small businesses and the deadline for CBILS and Bounce Back Loans is fast approaching

Published on August 24, 2020

£20m grant available for small businesses to cover professional costs

Small businesses in England are set to benefit from a new tranche of government grants designed to help them recover from the impact of coronavirus through professional advice.

Under the new initiative, small and medium-sized businesses will be able to obtain grants of between £1,000 – £5,000 that can be used to help them gain access to new technology and equipment and/or professional, legal, financial, or other advice, including additional support from an accountant.

Interested parties can access the funding – provided by the England European Regional Development Fund – as part of the European Structural and Investment Funds Growth Programme 2014-2020, through 38 growth hubs within their Local Enterprise Partnership (“LEP”) area. Each LEP has been awarded a minimum of £250,000 to get the programme rolling

The grants on offer will be fully funded by the Government and there will be no requirement for the business itself to contribute financially in order to obtain the grant.

The funding is available to be accessed now through Growth Hubs – the details of your local Growth Hub can be found at https://www.lepnetwork.net/local-growth-hub-contacts/ and clicking on your local area

Does your business have enough cash to survive a second lockdown?

The deadlines for the Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loan Scheme (BBLS) are fast approaching on 23 September and 4 November respectively.

If you believe that your business may require additional cash flow support in the event of a second lockdown, you should look to apply for this support in plenty of time before the deadline (particularly if applying for CBILS) to ensure that your application can be processed in time.

Remember that monies raised through either scheme do not carry any interest or fees in the first 12 months, with interest then fixed for BBLS at 2.5% per annum for the remaining 5-year term.

If a second lockdown does not occur, and the loan is therefore not required, then it may be repaid in full within the first 12 months without any fees or interest at all.

If you require any further information on any of the above please do not hesitate to contact your usual RPG contact.

We have received an excellent service from the team at RPG for well over 20 years. We particularly appreciate RPG's real interest in our company and suggestions for improvements. The service RPG provides goes well beyond what we could expect.  The attention to detail and the prompt, professional service the team provides means that we are reassured that should we require urgent or unusual advice, the team will provide it. We would have no hesitation in recommending RPG.

Margaret Peasegood

Executive Chairman - SheffProp

I would like to thank RPG for your unbelievable help, assistance and friendship for over 40 years. Nothing has ever been too much trouble. Words alone are insufficient, and I think that the same would apply to my former colleagues and my family who have also come to rely on your advice and guidance.

Neville Johnson

Founder - Neville Johnson Offices

We have worked with RPG for many years, for good reason. They are not only extremely knowledge but they really take the time to get to know you as customers and also as people. This really makes a difference, as whilst it is of course important that you receive great service, which we do, it’s also essential to work with professionals who you can really trust and who go out of their way to know your business as well as you do, giving ultimate comfort that you are all striving towards the same goals. I cannot recommend them highly enough.

Jennie Johnson MBE

Kids Allowed

“RPG have always been our first point of call for advice on accounting, tax and financial regulatory matters and indeed have become an additional sounding board for both myself and my colleagues on strategic matters. The consistently high quality and timely advice they provide is very important to us.”

Gareth Rowe

Chief Financial Officer - ProofID

“As a family business we have been using Royce Peeling Green as our accountants for over 25 years. We have always been impressed with their expertise and depth of knowledge in all financial areas required to help run our business. There is an obvious understanding and trust between the two companies which leads to proactive approach to guide us with short and long-term financial planning. We have found everyone at Royce Peeling Green to be very approachable providing us with the reassurance that they will always provide a professional response in a timely manner.”

David Harrabin

Managing Director - Manchester Slate Ltd

RPG have now acted for our various companies for over 15 years. Their advice and commercial attitude in dealing with Tax, Audit and general businesses matters has always been of high quality and queries dealt with promptly. The team at RPG are experts in their field, they understand the SME market place well. They have been involved in all our corporate transactions, from setting up of businesses, ongoing support of our management teams through to being part of the team that negotiated the successful sale of a group company.

Jonathan Hamburger

Genesis Group International

We have received a first rate service from RPG over many years. We appreciate their attention to detail and the timely, professional and pro-active advice they provide. We would have no hesitation in recommending the team at RPG.

Stephen Rector

Managing Director – Ribble Packaging Limited