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Top-up to local business grant funds scheme
A discretionary fund has been set up to accommodate certain small businesses previously outside the scope of the business grant funds scheme.
The Business Secretary Alok Sharma and Minister for Regional Growth and Local Government, Simon Clarke have announced a discretionary fund of up to £617 million.
This is an additional 5% uplift to the £12.33 billion funding previously announced for the Small Business Grants Fund (SBGF) and the Retail, Hospitality and Leisure Grants Fund (RHLGF), so up to £617 million nationwide. The exact amount for each local authority will be announced later this week.
This additional fund is aimed at small businesses with ongoing fixed property-related costs. They are asking local authorities to prioritise businesses in shared spaces, regular market traders, small charity properties that would meet the criteria for Small Business Rates Relief, and bed and breakfasts that pay council tax rather than business rates. But local authorities may choose to make payments to other businesses based on local economic need. The allocation of funding will be at the discretion of local authorities.
Businesses must be small, under 50 employees, and they must also be able to demonstrate that they have seen a significant drop of income due to Coronavirus restriction measures.
There will be three levels of grant payments. The maximum will be £25,000. There will also be grants of £10,000. Local authorities will have discretion to make payments of any amount under £10,000. It will be for councils to adapt this approach to local circumstances.
Further guidance for local authorities will be set out shortly.
As of last week, over £114million had been paid out to more than 9,600 businesses across Gloucestershire via the SBGF and RHLGF schemes.
Moving Your Business Online Series
Following the positive feedback of the first edition of the Hub Mentors panel sessions earlier in April, which revolved around 'Short term survival tactics', we are happy to announce a second edition of these webinar sessions.
Running for three consecutive weeks, starting Tuesday 5 May, this edition of the panel sessions will be focused on how to move businesses from the offline world to online.
You can register free to the three webinars scheduled clicking on the following links:
e-commerce: Leverage online sale to offset footfall drop
Videoconference: Keep contact with your clients and staff
Marketing: Social media, email marketing and other tools
There are many ways a company can leverage the online world to keep its business afloat during this crisis, and put them in a better recovery position. In this panel series we will cover three specific areas: e-commerce, or how to use online sales to offset the drop in footfall, videoconference tools used to keep contact with customers as well as your staff, and finally digital marketing, from social media channels to email marketing and more.
Read more about these events here.
If you haven't yet completed our Business Impact survey for COVID-19 you can do so here.
To speak to a member of The Growth Hub team about how we can support your business, complete the form here.
Book on to one of our free online workshops and 1-2-1s here.