Funding support announced for small businesses and those in retail, hospitality and leisure

Two funding support schemes for small businesses and those in the retail, hospitality and leisure sectors during the coronavirus crisis have been launched by the Government.

Both the Small Business Grants Fund and the Retail, Hospitality and Leisure Business Grants Fund will be administered by councils that collect businesses rates.

The Small Business Grants Fund will provide grants of up to £10,000 per eligible business. These include those with a rateable value of £15,000 or less which could benefit from the Small Business Rate Relief Scheme or the Rural Rate Relief Scheme.

The Retail, Hospitality and Leisure Business Grants Fund is available for those eligible for discounts under the Expanded Retail Discount Scheme. Funding will be provided for each property, so some businesses will receive more than one grant. Grants of up to £10,000 will be available for properties with a rateable value of £15,000 or less, and up to £25,000 for properties with a rateable value of more than £15,000 but less than £51,000.

Businesses can find out more and how they can apply at:
www.gov.uk/government/publications/coronavirus-covid-19-guidance-on-business-support-grant-funding

Stoke-on-Trent and Staffordshire LEP chairman Alun Rogers said:

These are unprecedented and extremely challenging times for businesses, especially SMEs and those in the retail, hospitality and leisure sectors.

We want to ensure they have all the support available to steer through the coming weeks and months. We welcome the prompt launch of both grant funding schemes and would urge businesses to find out more as soon as possible as timing is crucial.

Our Growth Hub team is doing a fantastic job in supporting businesses in Stoke-on-Trent and Staffordshire with the latest advice and guidance as the current crisis escalates. They are there to help – people can visit the website at www.stokestaffsgrowthhub.co.uk or call 0300 111 8002.”