Market Finance has announced an SME fund that will make grants available to businesses struggling amid the pandemic.
The fintech lender has launched the Business Booster Fund which will make grants of £5,000 available to the UK’s small firms in a bid to help them “kickstart” 2021.
The initiative is broad brush – any business can apply in any sector so long as it’s been trading for at least two years and “is showing positive growth”.
“These grants represent a small boost that will help the successful businesses pivot, scale or grow in 2021. It’s been a difficult year for most, but we can’t forget that a lot of businesses were good, strong and viable in 2019,” chief executive Anil Stocker said.
The grants will be somewhat of a lifeline for some of the country’s smallest businesses who have been unable to access the government’s support schemes.
The loan schemes have come under scrutiny following reports by City A.M. that SMEs were being “locked out” of applying for the loans despite being eligible for funding.
Market Finance became an accredited lender under the British Business Bank in June.
Business owners have until the 31 December to express their interest in Market Finance’s grant. In the first round, three firms will be selected with timings of subsequent rounds confirmed in the new year.
“In addition to the grant, we will offer the time and skills of our expert staff to help their leadership teams,” Stocker added. “Whether they need tech, marketing, finance or communications support, we will provide the resources to help them get to where they want to go.”