A new Business Resilience and Recovery Scheme has been launched to support Norfolk and Suffolk’s businesses through the COVID-19 pandemic and into economic recovery.
The new funding scheme will provide grants to support short-term business resilience projects and longer-term recovery and diversification projects.
The new scheme is part of a package of measures totalling over £10m in place from New Anglia LEP to support businesses and economic growth:
• New £3.5m Business Resilience and Recovery Scheme
• New Growth Through Innovation Fund to support companies investing in research and development with grants from £1,000 to £25,000
• Growing Business Fund which provides capital grants from £25,000 to £500,000
• Growing Places Fund to kickstart development projects and sites
• Small Grant Scheme which provides capital grants from £1,000 to £25,000
• Access to angel investment through New Anglia Capital and to grants for agri-food businesses through the Eastern Agri-Tech scheme
Doug Field, Chair of New Anglia LEP, said: “We’re delighted to launch this new Business Resilience and Recovery Scheme to help local firms secure their futures, and those of their teams.
“We know that businesses need our help. They need support and funding to survive the immediate challenges of lockdown – the economic, health and social crisis which we are all dealing with. But we know they will also need our help to get back on their feet, to grow, innovate and flourish in the future.”
Typical projects which could be supported through the Business Resilience and Recovery Scheme include:
• Support for the manufacture of products to tackle the Coronavirus outbreak
• Support for Coronavirus related research and development
• Development of new technology or innovation and productivity improvements
• Short term manufacturing diversification, for example to support production of PPE
• Longer term development for future recovery and diversification
• Identification and mobilisation into new markets
Doug Field added: “In the past month, we’ve spoken to hundreds of businesses, helping them to navigate through the new Government support packages, giving them advice about local funding streams and helping them understand what help is available for them.
“The business advisers at the New Anglia Growth Hub offer free, impartial support and no question is too stupid – they are there to help any business, of any size, and to offer them friendly guidance through these incredibly challenging times.”
