At Adlantic, we are constantly on the lookout for new ways to help businesses avoid Brexit paralysis with a Brexit Impact Plan. Today, we’re putting 5 of the best grants available to SMEs in the spotlight. In uncertain times the temptation is to consolidate and wait out the storm, but with the right support you can actually improve your company’s future.
These grants present a unique opportunity for businesses across the British Isles to get the finance and support they need to maintain or accelerate growth during the Brexit process.
Scottish Enterprise’s Support For Brexit Grant
Small to medium sized companies based in Scotland can apply for anything between £2,000 and £4,000 from Scottish Enterprise to help them prepare for Brexit.
If you are VAT registered, have less than 250 employees and turnover less than 50 million Euros, then you qualify! We recommend you take a look at the list of what the grant can be used for on their website – the options include consultancy services, exploring supply chain opportunities and international travel in order to react to customer issues.
NBSL’s Brexit Preparation Fund
The Brexit Preparation Fund is for companies based in North East England. To qualify, you must be a trading SME based in either Northumberland, Tyne & Wear or County Durham.
What funding you will receive depends on where your company is based. Those located in Northumberland or Tyne & Wear can apply for up to 35% funding on projects costing between £3,000 and £8,000. Companies from County Durham, meanwhile, can receive up to 40% funding for projects of £2,500 to £8,000. That money can be utilised for export planning consultancy, marketing collateral for overseas client targeting or risk assessment.
Invest Northern Ireland’s Brexit Preparation Grant
Financial assistance is also available to companies from Northern Ireland in the form of the Brexit Preparation Grant, offering up to £50,000 at a rate of up to 50%. You can put that funding to work in staff redeployment, office rental outside the UK, or specialist consultation.
The grant is only available to existing Invest Northern Ireland customers, and they have very clear criteria on what it takes to join. They are looking for ambitious, hungry companies with a track record of success and a strong vision of the future.
Business Wales’ Brexit Resilience Fund
This Brexit grant offers eligible businesses between £10,000 and £100,000 of funding up to 50% of project costs. Funding is to be used to develop capacity, improve processes, retain competitiveness, safeguard jobs and guarantee trade flows.
You are eligible for the funding if your business is registered to trade in Wales, you register with Business Wales and complete their Brexit Toolkit, can demonstrate that the funding will help to safeguard jobs, and have been trading for at least 12 months.
Enterprise Ireland’s Be Prepared Grant
Funding isn’t just available for companies in the UK. Brexit will obviously impact the Republic of Ireland as well, so businesses there should seek grant assistance as well.
The Be Prepared Grant offers up to €5,000 to assist in developing a strategic response to Brexit. That can include anything from new market research to writing up a worst case scenario plan. To qualify, you need to first register as an Enterprise Ireland client; be directly or indirectly exposed to the UK market; and must fill out their Brexit scorecard.
If you think you qualify for any of these grants, and believe that Brexit is already impacting your business, then contact Adlantic today. Not only can we can guide you through the process of your grant application, but we provide global market insights and consultancy which can shape your strategy for growth in a post-Brexit world.