Small and medium-sized businesses in the UK can now apply for grants of up to £2,000 to help cover the cost of training and professional advice in relation to Brexit.
The new £20 million SME Brexit Support Fund, announced by Michael Gove last week, will help SMEs adjust to new customs, rules of origin and VAT rules when trading with the EU.
The grants, worth up to £2,000 per trader, are relevant to EU-only exporters who won’t be up to speed with the customs regulations associated with global trade.
National Chair at the Federation of Small Business, Mike Cherry, said of the new grant that: “Today’s announcement is very significant. Small businesses, often with few cash reserves, are for the first time facing complex new customs processes, VAT requirements and rules of origin.
“While many have come to FSB for help, 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.
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“The new fund will make a significant difference, and we are pleased that Ministers have really engaged with us on this, and come up with an excellent response.”
If your business is still working to adapt and change to the new trading relationship with the EU, we can help. Our Brexit FastTrack service can deliver a detailed review of your business post-Brexit to resolve the issues you are encountering.