UK Government Announces £20 Million SME Brexit Support Fund
The UK Government have announced a £20 million SME Brexit Support Fund to support small and medium sized businesses (SMEs) adjust to new customs, rules of origin, and VAT rules when trading with the EU.
At this time, the UK Government has said this will only be open to SMEs who trade with the EU. These SMEs are 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.
Dr Liz Cameron, Chief Executive of the Scottish Chambers of Commerce, said:
“Many Scottish businesses have already encountered severe problems with the new EU – UK trading arrangements, particularly in our invaluable food & drink sector. At a time when they are already dealing with restrictions on how they can trade due to the pandemic, trade disruption threatens many of our flagship exports.
“While this announcement is a welcome start and recognition from the UK Government that SMEs need financial help, greater support will be needed if businesses are to successfully navigate the new administrative barriers to trade that they now face.
“The UK Government must act now and fast to distribute this fund as quickly as possible – SMEs cannot afford to wait weeks and weeks at this time.
“Local Chambers across Scotland and the UK are standing by to offer direct support with customs and trade.”
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