New £1.5million grant scheme will help businesses Adapt & Diversify

"We have said to businesses from the outset that we are in this together and I trust that this latest package of support will be of real value, not just in their immediate survival but in their plans for the future."

Warwickshire County Council is inviting small businesses in the retail, hospitality, tourism and leisure sectors and their supply chains to apply for a range of grants from its new Adapt and Diversify grant scheme.

Just as businesses need to adapt to the restrictions and challenges of the pandemic, so the council its adapting its support for them through this difficult period. This new fund is designed to support those small businesses most adversely affected - those in the retail, hospitality, tourism and leisure sectors and their supply chains.

Grants ranging from £2,500 to £5,000 are to be made available towards the costs of specialist advice – for example, accountants, legal advice, digital specialists – or up to £20,000 for accessing specialist expertise and purchasing equipment or refurbishing property that will help the business to diversify their offer and safeguard their immediate future and the jobs of their workforce.

The county is making £1.5m available to businesses from the scheme, which draws on funding made available through the Local Restrictions Tier status, and is looking to allocate the grants in two rounds.

£1 million will be available in the first round on a first come, first served basis and the scheme will remain open until the available funding has been allocated. A second round will be held later in the year.

Cllr Izzi Seccombe, Warwickshire County Council’s Leader and portfolio holder for Economic Development, said: "We have said to businesses from the outset that we are in this together and I trust that this latest package of support will be of real value, not just in their immediate survival but in their plans for the future.

“Small businesses are absolutely critical to the future of the county and it is vital that we support them to be sustained and then to recover and grow. We will give every bit of support that we have at our disposal.

"We will work quickly to make sure that applications are processed and the money allocated as soon as possible to give our local businesses the financial support they need."

Warwickshire County Council has played a major role in supporting local businesses through loans and grants since the start of the pandemic. It is currently delivering two major grant schemes through its Capital Investment Fund to complement Government support.

· Small Capital Grants: up to £35,000 towards the costs of capital investments.

· Survive, Sustain and Grow: new grants of up to £10,000 towards the costs of capital investments to help business recovery plans. These grants are only available as part of the Survive, Sustain and Grow business support programme.

The Adapt and Diversify grant scheme will be launched on 1st February when advance information will be made available including details of how to apply and the documentation required. The scheme will then open to applications on 15th February and close as soon as the funding has been allocated.

Information about the grants will be available on the County Council’s Covid-19 support pages