Cash support for small businesses
05 Jun 2020
Small businesses can now access cash grants to help tackle the impact of coronavirus as part of a £2.2million fund.
Grants from the new Discretionary Grant Fund will be for £2,000, £5,000 or £10,000 based on the type and size of the business, but these amounts may need to be reduced depending on the volume of demand. The fund will support businesses that have suffered a significant fall in income as a result of coronavirus and have relatively high on-going fixed property costs.
Criteria for the discretionary grants is based on guidance provided by the Department for Business Energy and Industrial Strategy.
It is the latest wave of financial help following millions of pounds which was given out to thousands of businesses in recent weeks.
Small businesses will have to fill out an online form before eligibility is checked and then funding is allocated.
Councillor Patrick Harley, leader of Dudley Council, said:
"It is very clear that the coronavirus is having a devastating impact on businesses and we have been doing all we can to help them.
"This latest round of funding means that we can target small businesses, that were perhaps not eligible for the last round of funding, and make sure they have that vital safety net. Rest assured, we will go above and beyond to make sure businesses access this funding as quickly as possible."
Small businesses are defined as having a turnover of no more than £10.2million, with a balance sheet total of no more than £5.1million and employing no more than 50 people.
Micro businesses have a turnover of no more than £632,000, with a balance sheet total of no more than £316,000 and employing no more than 10 people.
Councillor Steve Clark, cabinet member for finance, added:
"We have already been successful in linking up thousands of businesses with millions of pounds, and I am delighted that we can take that a stage further with this extra funding.
"I would urge businesses to get in touch with us as quickly as possible to see if we could help.”
More than £49million in grants has already been handed out to thousands of businesses including those in the retail, hospitality and leisure sectors. Those grants are still available and businesses should contact the council if they want to apply. On top of that £47million has been wiped from Business Rates bills in retail, hospitality, leisure and nurseries as an extra layer of financial support.
The online forms for the small business grants will be available from June 5 and the first round of applications will be open until June 15.
For more information visit https://www.dudley.gov.uk/coronavirus-discretionary-grants-fund