- 17th March 2021
- Posted by: Suzy Hill
- Category: Personal Tax, Business News
£20 million SME Brexit Support Fund open for applications
The UK government has unveiled a £20 million Brexit support package to help small and medium-sized enterprises (SMEs) with changes to trade rules with the EU.
The SME Brexit Support Fund aims to help businesses prepare for the implementation of import controls which come into force from April and July.
Businesses who trade only with the EU and are therefore new to importing and exporting processes will be encouraged to apply for grants of up to £2,000 for each trader to pay for practical support, including training and professional advice, to ensure they can continue trading effectively.
The announcement follows extensive engagement with individual businesses, leading business organisations and trade associations from across all parts of the UK, including through the Brexit Business Taskforce.
Businesses must meet certain criteria, including having been established in the UK for at least 12 months, having fewer than 500 employees and no more than £100 million in turnover.
Mike Cherry, National Chairman of the Federation of Small Businesses (FSB), said: ‘We have been asking for proper financial assistance of this scale so that a cash-strapped small business can afford to buy-in expertise, training and practical support. The new fund will make a significant difference.’
More information can be found here.