Home > News > Over £2.5m paid out to small businesses

Over £2.5m paid out to small businesses

Posted by East Suffolk Communication team on 24 July 2020 | Comments

In a response to Covid-19, East Suffolk Council has paid out over £2.5 million to small businesses and are urging others to apply for financial support before it is too late.

Since its launch in May, East Suffolk Council has paid out £2,503,000 through the Discretionary Business Grant Scheme to date, providing financial support to 227 small businesses which were ineligible for the Government’s initial round of business funding.

East Suffolk Council was allocated £3,866,250 from the Government to fund the scheme, and eligible businesses have been able to apply for grants up to £25,000.

Now the Council is urging anyone who feel they might be eligible for financial support through the scheme to apply as soon as possible due to the limited amount available and the number of eligible businesses which have already received grants.

Cllr Craig Rivett, East Suffolk Deputy Leader and Cabinet Member for Economic Development, said: “So far, we have supported over 220 small businesses through this scheme, and I know it has been a lifeline for many, making the difference between a business closing or surviving.

“Our main priority is to help as many businesses as possible to enable them to be in the strongest position possible to recover, however, the reality is that this scheme has limited funding available, and once it is gone, it is gone.

“I therefore want to urge anyone who feel they may qualify for this financial support to apply as soon as possible, as all grants will be awarded to eligible businesses who apply on a first come, first serve basis.

“I would also ask those filing in the application form to include as much information as possible as this will help speed up the process and mean we do not need to phone them to request details.”

The Council has identified six areas as priorities, aimed at businesses which were not eligible for the Small Business Grant Fund or the Retail, Hospitality and Leisure Grant Fund, in line with the Government’s requirements. These are:

  • Businesses in shared spaces, such as within larger businesses units, office parks or incubation units, where their lettable space would have the equivalent of a rateable value of less than £15,000
  • Permanent market traders on a market in the East Suffolk area
  • Charities that were previously ineligible for support under the Small Business Grant Fund because they receive mandatory charity relief, rather than Small Business Rate Relief, and were not eligible for the Retail, Hospitality and Leisure Grant Scheme, but have premises with a rateable value of less than £15,000
  • B&Bs which pay Council Tax instead of business rates   
  • Businesses that have significant premises costs and which are crucial to the local and regional economy
  • Additional small and micro businesses with fixed costs

Eligible businesses must have less than 50 employees, have been trading on 11 March 2020, and be able to demonstrate that they have seen a significant drop in income as a result of the COVID-19 restriction measures.

The online form and full details about how to apply with full eligibility can be found here