New grants available to Torbay small businesses
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A new raft of grants available to small businesses have been announced by Torbay Council.
Discretionary grants are the latest set of financial measures from the Government aimed at businesses not eligible under the Small Business Grant Fund or the Retail, Leisure and Hospitality Fund - though a wide range of small businesses will also be able to apply for these, not just those in leisure or hospitality industry.
The online process for applications opens today (May 21) at 8am. As there are limited funds applications will initially be open until June 7.
The new grants are designed for small businesses trading on March 11, 2020 and range from £1,000 to 25,000 per business.
The grants do not need to be repaid and businesses who have already applied for the Coronavirus Job Retention Scheme are also eligible to apply.
This grant funding is aimed at those businesses who have been adversely affected by coronavirus and broadly fall into the categories outlined below:
• small businesses in shared offices or other flexible workspaces. Examples could include units in industrial parks, science parks and incubators which do not have their own business rates assessment
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• regular market traders with fixed building costs, such as rent, who do not have their own business rates assessment
• bed and 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 Rates Relief or Rural Rate Relief
• businesses operating in the visitor economy - tourism and hospitality - and the supply chain of this industry.
The initial phase of funding will also include businesses operating within the visitor economy that did not receive grants under previous schemes.
Darren Cowell, deputy leader of the council and Cabinet member for finance, said: 'This new tranche of Government grants is welcomed for those businesses who were not eligible under the previous grant allocation. This recognises businesses who fall outside the initial funding criteria during the Coronavirus crisis, with a clear focus around our local economy.'
Applications are invited from tourism-led businesses based in Torbay which fall into the criteria outlined above.