A charity that has been set up to help small firms survive the COVID-19 crisis has managed to raise £160,000 in the first few days following its launch.

The Tide Charity has been set up to provide smaller firms that are struggling with the economic effects of the pandemic with grants worth £1,000. To be eligible, firms must employ a maximum of 50 people, and they will be able to start applying for the emergency grants starting from the end of the month.

The charity is the result of a partnership between the Federation of Small Businesses and Tide, and it is being backed by both This is Money and Money Mail.

More than 160 small firms based all over the UK are expected to apply for and receive grants through the Tide Charity, which could help many of these vital companies to make it through this crisis. There are also other options available to firms of this sort that are finding it difficult to cope with the effects of the pandemic, such as financial advice from an accountant for small business in South Yorkshire or wherever they are located.

Among those that have donated to the Tide Charity are Transputec and ClearBank, and it has also been given the nod of approval from the government. Speaking as the initial fundraising total was announced, Paul Scully, the small business minister, stated that the Tide Charity was an excellent scheme to support firms in urgent need of financial help.