By: Shilpa Sharma
SMALL and medium sized businesses in the West Midlands are being encouraged to apply for financial support as the deadline nears for a £20 million Brexit Support Fund.
The fund, which closes on June 30, allows businesses who trade with the EU to avail funding of up to £2,000 for practical support – including training and professional advice on new customs, rules of origin and VAT processes.
Since its launch in March, more than 12,000 businesses across the UK have registered for the fund.
In the West Midlands, 264 businesses have submitted applications so far, with a total funding of £396,859.
“Smaller businesses who trade with the EU have a vital role in our economy and we understand they may have experienced a more challenging time than larger businesses in adapting to changes. We would encourage small and medium businesses impacted by new importing and exporting rules, to apply for funding today,” said Katherine Green and Sophie Dean, directors general, Borders and Trade, HM Revenue and Customs (HMRC).
The eligibility criterion for businesses to avail the grant includes a turnover limit of £100m and employee strength of not more than 500.
They must only import or export goods between Great Britain and the EU or move goods between Great Britain and Northern Ireland.
