The UK Government has announced a £20 million SME Brexit support fund to adjust to new customs and VAT rules when trading with the EU.
SMEs which trade with the EU will be entitled to grants worth up to £2,000 for each trader to pay for support, which includes training and professional advice.
The grant will be made open for applications next month and will be administered through the pre-existing customs grant scheme.
Michael Gove, Chancellor of the Duchy of Lancaster, said:
“This new targeted funding will see small businesses get more of the practical support they need to adjust to the new processes and prepare for further changes as we implement our own import controls in April and July.”
Jonathan Geldart, director-general at the Institute of Directors, added:
“The minimal time given to business to adapt to the end of the transition period has disproportionately impacted goods trade, but we hope to see the scheme make provisions to ensure SMEs dealing with changes to services trade can benefit.”
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