If you run a retail, hospitality or leisure business with a rateable value of £51,000 or below, time is running out for you to apply for your £10,000 or £25,000 grant.

Payment must be made by the end of the month.

The Government’s business grant fund schemes - set up to help businesses through the coronavirus pandemic - will be closing and payments must be made by Friday, August 28.

If for any reason eligible businesses who have not already made an application now is the time to apply, as time is running out.

Torbay Council is urgently contacting eligible businesses to encourage them to make applications so they can take advantage of these grant schemes while they are still available.

If you run or own a business that meets the criteria, make sure your business has applied. Or, even if you know someone that runs a business locally, start a conversation with them and check that they have applied.

These grants of £10,000 or £25,000 are not loans and do not have to be repaid by businesses that are eligible to receive them.

The more of these ratepayer grants which are claimed by eligible businesses, the more grant funding that can then be given out through the discretionary fund.

This means encouraging eligible businesses to apply, results in even more vital grant funding being unlocked for Torbay which can then be distributed to even more local businesses that weren’t eligible for the ratepayer schemes.

Under the Small Business Grants Fund (SBGF) scheme, there are £10,000 cash grants available for small businesses that are eligible for small business rate relief. Applications must be made before August 28.

If your business property has a rateable value of £15,000 or under and was eligible for Small Business Rates as at March 11, your business will qualify for a £10,000 grant. Under the Retail, Hospitality and Leisure Business Grants Fund (RHLGF), all retail, hospitality or leisure businesses in Torbay with a rateable value below £51,000, again have until August 28 to apply for a £10,000 or £25,000 grant.

Cllr Darren Cowell, deputy leader of the council, said: “We urge all eligible businesses across Torbay to take full advantage of all the financial help and support on offer.”