We are urging all small and micro businesses in the borough that have so far been ineligible for government funding during the coronavirus pandemic, to apply for financial help through a new scheme.
The discretionary business grant scheme will be open for applications from Monday 1 June. It is only available to businesses that haven’t been eligible for any other business or employment grant.
Small and micro businesses that will be prioritised, in line with government guidelines, include:
- small businesses in shared premises or other flexible workspaces, for example industrial parks, science parks, incubators, which do not have their own business rates assessment
- regular market traders who do not have their own business rates assessment
- bed and breakfasts that pay council tax instead of business rates
- charity properties in receipt of charitable business rates relief that could otherwise have been eligible for small business rates relief or rural rate relief
To claim successfully, businesses must also have ongoing fixed, building-related costs or be able to demonstrate they have suffered a significant fall in income due to COVID-19.
A fixed total of £570,000 is available for eligible businesses within the borough. The level of individual grants will depend on the number of successful applications and is likely to be below £5,000.
Businesses must apply by 5pm on Sunday 14 June. You can apply on our business rates support page.
After this applications will be reviewed and funds allocated appropriately. It is expected that demand will outstrip the funding available. However, if there is any money left over a second round of applications will be opened.
Cllr Marc Brunel-Walker, Executive Member for Economic Development and Regeneration, said:
“It has been a really tough time for many businesses and so we want to make sure those small and micro companies which have been ineligible for support so far are able to claim through this scheme.
“If you do fit the criteria and so far haven’t been eligible for support, please do apply from Monday. The money should help to reduce some of the financial worry and strain that our small, niche and previously ineligible businesses have been experiencing.”
Definition of small and micro business
To be a small business, under the Companies Act 2006, a business must satisfy 2 or more of the following requirements in a year:
- turnover: not more than £10.2 million
- balance sheet total: not more than £5.1 million
- number of employees: a headcount of staff of less than 50
To be a micro business, under the Companies Act 2006, a business must satisfy 2 or more of the following requirements:
- turnover: not more than £632,000
- balance sheet total: not more than £316,000
- number of employees: a headcount of staff of not more than 10
Businesses are not eligible if they have successfully claimed financial support through:
- Small Business Grant Fund
- Retail, Hospitality and Leisure Grant
- The Fisheries Response Fund
- Domestic Seafood Supply Scheme (DSSS)
- The Zoos Support Fund
- The Dairy Hardship Fund