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£10M fund for business organisations to prepare for a no-deal Brexit

Business preparation

06 September

The Department for Business, Energy & Industrial Strategy has launched a £10m grant scheme to aid businesses in preparing for Brexit.

Tiffany Hionas

The ‘Business Readiness Fund’ is made available throughout the UK to business organisations and trade associations of all sizes. This will help business to be ready to embrace new opportunities and adapt to changes triggered by the UK’s exit from the EU. As well as business organisations, the fund is made available to trade associations, chambers of commerce, chartered institutes and other professional membership bodies.

While companies have historically relied on the wider business community for aid and support, business groups will be provided with advice, events and training in order to assist businesses of all sizes. The funding should deliver a positive impact for businesses in Brexit preparation, allowing business organisations from every sector across the nation to seek support and advice. In addition, HMRC have started to lay out guidelines and information regarding customs procedures for UK businesses trading with the EU in the event of an upcoming no-deal Brexit.

Director of External Affairs at the Federation of Small Business, Craig Beaumont, said, ‘as an organisation representing 165,000 small firms and the self-employed in every local community across the UK, we welcome these funds that target small businesses. It is mission critical to the economy that they have the information they need, to prepare for Brexit.’

The HM Treasury has promised that a Brexit deal will inflict little or no harm and disruption to trade and business organisations, delivering this funding as part of the £108 million to promote and assist businesses during this political shift.

Applications for grants are open until 30 September 2019 and the link to apply for a grant is here. The funding will have to be used on activities which are due to be delivered by 31 October.

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