Help To Grow - Government New Business Support Scheme

Help To Grow - Government New Business Support Scheme

04 Mar 2021


The government has launched a £520m Help to Grow scheme, providing a boost to small businesses as the country attempts to recover from the impact of Covid-19. 

By Kieran Perry - Business Advisor and Mentor

Chancellor Rishi Sunak announced the programme, which will aim to make businesses 'more innovative', in his Budget. The initiative will offer managers of small and medium-sized enterprises (SMEs) the opportunity for training, as well as providing companies with technology advice and discounted digital software. Sunak said: "With the pandemic many businesses have moved online. This has been a challenge, but we want to turn it into an opportunity."

Both elements of the programme are expected to commence in autumn 2021, with Sunak urging interested SMEs to register online.  https://helptogrow.campaign.gov.uk/

Help to Grow: Management

What is it?

This June, small businesses will be able to access a 12 week-programme delivered by leading business schools across the UK. The programme will combine a practical curriculum, with 1:1 and recommended support from business mentors.

Designed to be manageable alongside full-time work, this programme will support small business leaders to develop their strategic skills with key modules covering financial management, innovation and digital adoption. By the end of the programme participants will develop a tailored business growth plan to lead their business to its full potential.

30,000 places will be available over 3 years. The programme is 90% subsidised by government – participants will be charged £750.

In response, The Federation of Small Businesses (FSB) national chair Mike Cherry said, “Projects like this really make a difference for small firms who are wanting to change the way they operate, expand their horizons as well as strengthen the economy for all.”

 Who is it for?

UK businesses from any sector that have been operating for more than 1 year, with between 5 to 249 employees are eligible.

The participant should be a decision maker or member of the senior management team within the business e.g. Chief Executive, Finance Director etc.

Charities are not eligible.

The Help to Grow scheme, announced in today’s Budget, could help 130,000 small and medium-sized businesses.

Help to Grow will provide access to management training, technology advice and discounted software to improve productivity. This plan will enable access to some of the UK’s top business schools, while encouraging more companies to adopt technology, in the hope of opening up opportunities to small businesses that larger businesses can normally afford. Business schools will also offer one-to-one support from a mentor.

 

Help to Grow: Digital

What is it?

This Autumn, small businesses will be able to get free impartial advice on how technology can boost their performance through a new online platform.

Eligible businesses will also be able to get a discount of up to 50% on the costs of approved software, worth up to £5,000. Vouchers are initially expected to be available for software that helps businesses: build customer relationships and increase sales make the most of selling online manage their accounts and finances digitally

Who is it for?

All businesses will be able to benefit from free online advice on the platform.

The voucher is expected to be available to UK business that: employ between 5 and 249 employees and are registered at Companies House have been trading for more than 12 months are purchasing the discounted software for the first time Full details on the businesses and software eligible for the voucher will be published this summer.

The Treasury cited studies showing that improving the performance of SMEs to match competitor countries such as Germany could add up to £100bn to the economy.

Chancellor Rishi Sunak said: “Our brilliant SMEs are the backbone of our economy, creating jobs and generating prosperity – so it’s vital they can access the tools they need to succeed. “Help to Grow will ensure they are embracing the latest technology and management training, fuelling our plan for jobs by boosting productivity in all corners of the UK.”

If your business needs some business advice or sales help please contact Kieran Perry your local Business Advisor.