Aberdeen City Council launches Business Transition Fund
Aberdeen City Council has launched a new Business Transition Fund today (Wednesday 06 October) to provide grants support of up to £30,000 to local businesses with growth potential, to support their recovery by adapting their business to meet the challenges of the post Covid-19 economic landscape.
This fund will assist businesses to develop new solutions to counter the economic impacts of the pandemic, including but not limited to digital adoption, energy efficiencies and Net Zero transition, building adaption and workforce development.
Engagement with local businesses during the Covid restrictions has highlighted areas of concern impacting their viability, immediate financial distress, changes to operating practices and additional regulations have left many businesses with inadequate financial power to adapt to the changing landscape.
Additional challenges created due to lack of income and costs associated with new ways of working, development of new processes to reflect new markets, upgrading systems to reflect new regulations and inability to diversify.
As a direct result of the restrictions, many businesses have experienced their markets reduce, supply chain disruption and a requirement to shift to a more digital offering.
The purpose of the fund is to support businesses who are not able, due to immediate financial pressures, to adapt to new ways of working or to make investment towards remaining competitive in a post Covid-19 economy.
Councillor Ryan Houghton, Convener of City Growth and Resources Committee, Aberdeen City Council said: “We have listened to local businesses and have launched the Business Transition Fund as part of our commitment to help support their recovery and to meet the ongoing challenges of the post Covid-19 economic landscape.
“By doing so, we want to help those businesses facing immediate financial difficulty to invest in their business and by doing so remain competitive, provide job security and create new job opportunities which will be beneficial to the local economy and people of Aberdeen now and in the future.”
Grants are tiered to the size of business, from £5,000 to individuals through to £30,000 for Medium sized businesses. Further information including the full criteria and online application form is available at https://www.aberdeencity.gov.uk/services/coronavirus-covid-19/what-business-transition-fund
The Business Transition Fund is part of the Local Authority Discretionary Fund scheme, which has provided over £5.2 million to local businesses to date.