Grant fund for struggling small businesses

WEST Lancashire Borough Council has welcomed news that the Government has published guidance on how local authorities can set up a new discretionary grant fund scheme for small businesses not eligible under existing grant schemes.

The Government advises that these discretionary grants are aimed at businesses that have not received any financial assistance so far and which meet all the following criteria:

Small and micro businesses.

Businesses with relatively high ongoing fixed property-related costs.

Businesses which can demonstrate that they have suffered a significant fall in income due to the Covid-19 crisis.

Businesses which occupy property, or part of a property, with a rateable value or annual rent or annual mortgage payments below £51,000.

The Government’s guidelines state that only businesses which were trading on March 11 are eligible, and these discretionary grants can begin to be paid from early June.

Cllr Adam Yates, portfolio holder for resources and transformation, said: “We are pleased that this discretionary grant fund has now been set out in more detail and welcome the support it offers to local businesses that missed out in the earlier schemes. We would encourage any local business that was not eligible for the other grant schemes to check the WLBC website for guidance on eligibility and how to apply.”

The council will provide detailed guidance for businesses as to the criteria for the new scheme and online application forms will be available on its website shortly.

The Government has stated that it expects payments of up to £10,000k will be appropriate in most cases.

The council is awaiting confirmation from the Government as to the total funds available under the scheme.