New tranche of free funding from council
Peninsula businesses who have previously missed out on grants are being offered a fresh chance to get free funding from Babergh.
The grant, which is not a loan and does not need to be repaid, is available from tomorrow (Friday} with the district council reopening applications for the Discretionary Grant, with an expanded criteria to support businesses who have not been able to claim any other grants during the coronavirus crisis.
The expanded scheme now includes retail, hospitality, and leisure businesses with a rateable value between £51-71K, Ofsted registered Early Years providers and other small businesses, will open for applications on Friday, July 3.
The funding for the second phase of the Discretionary Grant is limited, and therefore, grant applications will be assessed based on a range of factors including business costs, impact of Covid-19 on earnings and number of employees. Grant applications must be submitted by Friday 24 July.
Businesses who meet the following criteria will be able to apply for the second phase of the Discretionary Grant:
Retail Hospitality and Leisure businesses with a rateable value between £51-71K (who were excluded from the previous schemes)Ofsted registered Early years providers operating from premises with a rateable value of less than £51K who were excluded from previous grant schemes
Businesses who provide direct employment to 3 or more people (Not necessarily FTE) with a rateable value between £15-25K who were excluded from previous grantsMobile businesses with fixed costs that provide employment to 3 or more people
Businesses with ongoing property cost related to their business for property not subject to council tax or business ratesSmall businesses in shared offices or other flexible workspace
Regular market traders in Hadleigh, Stowmarket and SudburyBed & Breakfasts paying Council Tax instead of business rates who hold a current food license
Charities in receipt of charitable business rates reliefTo access a Discretionary Grant of between £2,500 and £10,000, eligible businesses, who have not claimed any other grants (excluding the Self-Employed Income Support Scheme) must complete an online application form with their relevant supporting documents.
Cllr Michael Holt, Babergh District Council's Cabinet Member for Economic Growth said: "Despite the range of Covid-19 financial packages that have been unveiled, there are still many businesses who have been unable to access any grants and we aim to support those business through this second round of funding.
"While we would like to help as many businesses as possible, the funding available is limited and I urge businesses to submit their applications forms as soon as possible in order to benefit from this grant."
Once this funding is allocated there is unlikely to be any further Government funding available so it is important that eligible businesses submit their applications as early as possible.
The grant allowance has been set individually by each local authority depending on the level of funding they have received from Government while also aiming to support as many small businesses as possible.
The Small Business Grant and Retail, Hospitality and Leisure Grant Funds are both still open for new applications.
For more information about the Discretionary Grant including criteria and application requirements, or to apply from Friday 3 July, please visit www.babergh.gov.uk
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