- Government figures show £21.3bn allocated to England’s micro, small and medium enterprises through COVID-19 business grant scheme
- New data show that grants support businesses in many sectors of the economy, including accommodation and food services, wholesale and retail, arts, entertainment and recreation.
Small businesses across England received £21.3bn through government support. COVID-19 Local Authority Business Support Grants scheme, new report shows.
Micro, small and medium enterprises across a range of industries have benefited from the funds available under a scheme designed to assist businesses during and recover from the impact of the global pandemic.
New data, including sector breakdowns for the first time, show that more than a third of all available funding was allocated to the accommodation and foodservice sectors, some of the economies hardest hit by the pandemic. is showing.
We found that the subsidy scheme was created by the UK government and administered by local authorities, and all regions of the UK allocate most of the available funding to companies in need.
Small Business Minister Jane Hunt said:
Our amazing small businesses are the backbone of our economy, and their efforts during and after the pandemic have been heroic.
In many cases, local government business support grants have been essential for businesses that have found themselves really struggling and are now recovering, growing, and looking to the future.
By putting billions of pounds into business recovery, we have supported small businesses and their commitment to the communities, families and lives of which they form an important part.
Data show that the accommodation and food service sectors received the most funding. Companies in this sector are also gaining significant support from the government’s hospitality strategy announced in July 2021.
Companies operating in wholesale and retail trade, arts and entertainment, recreation, and other service industries are also among the various business sectors that will receive substantial support under the scheme. A full breakdown of the allocation is below.
| sector | Funding percentage | value of money |
|---|---|---|
| Accommodation, eating and drinking service | 36% | 8.2 billion pounds |
| Other services* | 19% | 4.3 billion pounds |
| wholesale and retail | 16% | 3.5 billion pounds |
| arts, entertainment and recreation | 14% | 3.2 billion pounds |
| Transport and storage | Ten% | 2.2 billion pounds |
| manufacturing industry | 1% | 200 million pounds |
| All other sectors | Four% | 900 million pounds |
*Other services include membership organization activities, repair of personal and household items, and various personalized service activities not included in other categories.
SMEs and others are also supported through initiatives such as the government’s Recovery Financing Scheme (RLS), supporting around 19,000 businesses, providing an average of £202,000 in support per company, as well as increasing employment benefits, reducing fuel taxes and introducing business tax relief for high street businesses. increase.
The government remains committed to supporting small businesses and businesses of all sizes. COVID-19 Get ready for a bright, prosperous and innovative future.
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