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Small firms in Coventry and Warwickshire have been urged to ‘look again’ at grant support after the Government announced a new £617m discretionary fund.

The new grants will be distributed by the local authorities and are designed to help those firms which fell outside the first wave of grant funding.

This additional fund is aimed at small businesses with ongoing fixed property-related costs. The Government is 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 at their own discretion.

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 being £25,000. There will also be grants of £10,000 and local authorities will have discretion to make payments of any amount under £10,000.

Louise Bennett, chief executive of the Coventry and Warwickshire Chamber of Commerce, said: “We’d urge companies that didn’t previously meet the criteria for grant funding to look again now that this discretionary fund has been announced.

“The local authorities in our area have been working incredibly hard to ensure businesses get the funding they need to survive and this additional pot will mean more small companies can be saved.