The UK Government has announced a brand new £20 million Brexit Support Fund to SMEs.
The Chancellor of the Duchy of Lancaster Michael Gove announced the £20 million SME Brexit Support Fund will help to support small and medium sized businesses (SMEs) adjust to new customs, rules of origin, and VAT rules when trading with the EU.
SMEs 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 with the EU.
The fund will be administered through the pre-existing Customs Grant Scheme and will open for applications next month (March 2021).
It has been set up to support businesses prepare for the new import controls coming into force from April and July, as set out in the Border Operating Model.
The Chancellor of the Duchy of Lancaster said:
“The Government has listened carefully to the issues raised by the business community through the Brexit Business Taskforce and that’s why we are bringing forward this financial support to help small businesses adapt to the changes to our trading relationship with the EU”.
You can read the full article from GOV.UK here:
One thought on “Government announces £20 million Brexit Support Fund”
Comments are closed.