Businesses across Gedling borough are set to start receiving support grants totalling £18 million over the next few days.
The cash boost is part of the Government’s financial support package following national restrictions imposed to reduce the spread of Coronavirus.
In March, the Government announced that grants of £10,000 and £25,000 would be made available to eligible businesses, with around 1,200 businesses in Gedling in line for the £10,000 grant and around 180 businesses qualifying for the £25,000 grant.
Gedling Borough Council is responsible for distributing these grants and has now received the funding from Government so we have started the process of making payments to businesses.
The grants available include:
- small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
- £10,000 grant per business in the Retail, Hospitality, and Leisure Sector with rateable value of 15,000 or less
- grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between 15,001 and 50,999
Businesses who are eligible for the grants will be contacted by the council in the next few days and do not need to call the offices as they are receiving a high number of calls and the customer services team will not be able to apply the grants. For more information about the grants visit www.gedling.gov.uk/coronavirus
In addition to these grants, the Government is providing a 12-month business rates holiday for all retail, hospitality, leisure and nursery businesses in England, which will benefit over 450 businesses across Gedling Borough. The council is processing this automatically and sending out revised bills, meaning businesses do not need to do anything.
Deputy Leader of Gedling Borough Council, Councillor Michael Payne said: “These grants will be a vital lifeline for hundreds of businesses in Gedling who have been hit so hard by the impact of the Coronavirus outbreak.
“Now we have received the funding from Government, we are acting as quickly as possible to get the funds out to our businesses and we will be contacting them over the next few days. We are also supporting businesses by offering rental breaks to some of our tenants and Business Rates holidays, all of which are explained in further detail on our website.”