The UK government has opened the £20 million SME Brexit Support Fund for applications from 15 March. This support fund will support small businesses with reforms to trade rules with the EU.
Smaller businesses can apply for grants of up to £2,000 to help them adapt to new customs and tax rules when trading with the EU.
The support fund aims to help businesses prepare for the implementation of import controls. The support fund will come into force from April and July.
The £20m SME Brexit Support Fund allows traders to reach practical support, including training for new customs, rules of origin and VAT processes.
However, businesses must have:
- established in the UK for at least 12 months
- fewer than 500 employees
- less than £100 million in turnover
Applications will close on 30 June 2021 or earlier if the government is able to allocate all funding is before this date.
National Chairman of the Federation of Small Businesses (FSB), commented:
‘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.’
