The government has launched the SME Brexit Support Fund giving grants of up to £2,000 to help small businesses cope with the added burden of post Brexit paperwork and costs when trading with the EU.
Mike Cherry, national chair at the Federation of Small Businesses, said: ‘This 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. The new fund will make a significant difference.’
What businesses are eligible?
To qualify for the grant the business must:
- be established in the UK
- have been established in the UK for at least 12 months before submitting the application, or currently hold Authorised Economic Operator status
- not have previously failed to meet its tax or customs obligations
- have no more than 500 employees
- have no more than £100 million turnover
- import or export goods between Great Britain and the EU, or move goods between Great Britain and Northern Ireland.
The business must also either:
- complete (or intend to complete) import or export declarations internally for its own goods; or
- use someone else to complete import or export declarations but requires additional capability internally to effectively import or export (such as advice on rules of origin or advice on dealing with a supply chain).
How do businesses apply?
Businesses will apply online and it is anticipated that businesses will be able to apply this month.
The government will update this page when applications can be submitted https://www.gov.uk/guidance/grants-to-help-small-and-medium-sized-businesses-new-to-importing-or-exporting
Disclaimer
The information was correct at time of publishing but may now be out of date.
