Grants open for Torbay businesses hit by lockdown
- Credit: Archant
Torbay businesses are once again able to apply for a discretionary business grant.
Discretionary business grants are aimed at businesses not eligible under the Small Business Grant Fund or the Retail, Leisure and Hospitality Fund, (which both remain open for applications), who have been adversely affected by coronavirus.
Discretionary grants are designed for small businesses trading on March 11, 2020, and range from £2,500 to £25,000.
As this is grant funding, any amount awarded does not need to be repaid back, said a spokesman for Torbay Council.
Businesses that fall into any of the following categories are encouraged to apply:
• small businesses in shared offices or other flexible workspaces. For example units in industrial parks, sciences parks and incubators which do not have their own business rates assessment
• regular market traders with fixed building costs such as rent, who do not have their own business rates assessment
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• bed & breakfasts which pay Council Tax instead of business rates
• charity properties in receipt of charitable business rates relief which would otherwise have been eligible for Small Business Rate Relief or Rural rate Relief
• businesses operating in the visitor economy - tourism and hospitality - and the supply chain of this industry.
In order to qualify for a discretionary business grant, businesses will need to evidence that they have suffered a significant fall in income as a result of Covid-19 and have relatively high ongoing fixed-property related costs.
Cllr Darren Cowell, deputy leader of the Council and Cabinet member for finance on Torbay Council, said 'With the reopening of the visitor economy imminent, the council and TDA have been working hard with business groups to provide as much support and guidance as possible during the crisis and we urge businesses to take advantage of all the financial help and support available.'
Applications for phase two of the discretionary business grant fund are being accepted until Sunday, July 19, with payments being made directly to businesses from Monday, July 20.
To find out more and to apply, visit Torbay Council's website.