Emergency grants totalling more than £3 million will reach small businesses in the next few days as the first batch of applications are paid out in North East Lincolnshire.
So far, more than 1,000 small businesses in the borough have already submitted their information amid the Coronavirus outbreak.
And in the next few days, the first 287 businesses to register will receive the grant money in their bank accounts, as the council does the first payment run worth a total of £3.27 million.
Cllr John Fenty, cabinet member for business support, said: “We know how important this money is to many businesses, needed in some cases just to stay afloat – but we need them to contact us and give us some details so we can get that money to them. This money does not have to be paid back – it’s from the government to help businesses survive. At the council, we’re working hard to make sure that small businesses get the money that government has made available quickly.”
Around 3,000 businesses currently in receipt of Small Business Rate Relief or Rural Rate Relief are eligible for such support in the area, and need to complete a simple online form in the first instance – available on - in the Business Grants and Support section.
Local authority staff will then check eligibility and distribute grants as soon as it can. Anyone requiring help to apply should call 01472 324615 or 01472 324367.
Measures announced by government so far include 100 per cent business rate relief for all businesses in the retail, hospitality and leisure sectors for 2020/21 and 100 per cent business rate relief for all non-local authority child care providers for 2020/21. For these, new bills will be issued to businesses as soon as possible.
Grants of up to £25,000 for businesses in the retail, hospitality and leisure sectors with rateable values of less than £51,000 and the furlough scheme, an 80 per cent wage subsidy for staff that may otherwise have been let go.
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Additionally, for larger businesses, the Government has introduced a guaranteed loan scheme for any small or medium sized business (with turnover of no more than £41 million) that needs access to cash to help with immediate business costs. The scheme will offer loans of up to £5 million, with no interest due in the first six months. Support for larger firms will be available through the COVID-19 Corporate Financing Facility.
To access these facilities, businesses should contact banks and lenders.
Cllr Fenty praised staff for pulling out the stops and getting the money processed quickly. “We’re doing what we can to process applications quickly. You can rest assured, we are diverting resources to ensure this task is completed as quickly as is possible and would ask that you try and avoid contacting us for updates so we can focus on getting the money to eligible businesses.”
Businesses seeking advice about what measures are available can email businesssupport@e-factor.co.uk in the first instance to arrange a call back from one of the advisors.
Details of full measures, updated, can be found at: