Small business insurance provider Simply Business is kicking off the third year of its annual grant program, to help businesses struggling with the current economic climate.
The insurer’s yearly “Business Boost” program will award one business a £25,000 grant; the winner will be selected by a panel of expert judges. During the contest’s iteration last year, the judges included British businessman, investor and former Dragon’s Den personality Piers Linney, as well as The Apprentice winner Carina Lepore.
A study by Simply Business on the impact of the COVID-19 pandemic found that 70% of small business owners have reported that rising costs, followed by supply shortages, are their biggest challenge in 2022. It also found that 87% of small business owners have lost an average of £20,981 over the last two years. SMEs now estimate that they have lost nearly £21,000 on average, and one in six business owners (which represents a million business owners) indicated that they would “never financially recover” from such losses.
“Small businesses are built on big dreams, and we know finance plays a huge part in starting or growing a successful small firm,” said Simply Business UK CEO Alan Thomas.
“It’s never been more important to support the self-employed, with the impact of the pandemic and recent soaring costs making it a difficult environment for new and existing owners. We want to make a genuine transformational impact to one owner’s life. From our research, we know £25,000 does just that – the average cost for start-ups in year one alone stands at £22,756.”
Thomas also noted that last year’s Business Boost program saw nearly 25,000 applications – this, he says, “shows how important it is to empower the nation’s entrepreneurs.”
“Small businesses play a vital role in our communities and contribute enormously to our economy. It only felt right to return with our Business Boost grant for a third year, having witnessed its positive impact on two deserving small businesses in 2020 and 2021,” the chief executive commented.
Simply Business is now accepting applications for the Business Boost grant. Entries will close on August 17, and the winner will be announced October 14.
