The Government has announced a new discretionary fund for small businesses who previously fell outside the scope of the Small Business Grants Scheme.
An extra £617 million has been made available to plug gaps in the fund, that previously saw many small businesses miss out. It will prioritise “businesses in shared spaces, regular market traders, small charity properties that would meet the criteria for Small Business Rates Relief, and bed and breakfasts that pay council tax rather than business rates”.
Commenting on the announcement, British Chambers of Commerce director general, Dr Adam Marshall, said: “We have been calling for additional support for businesses and entrepreneurs who have fallen between the cracks, so it is welcome to see additional funding allocated to support some of these hard-pressed firms.
“Clarity and speed are of the essence. Many of the companies that have been unable to use existing support schemes are already on borrowed time – and will need these grants paid out swiftly if they are to survive.”