Top-up to Local Business Grant Funds Scheme

Top-up to Local Business Grant Funds Scheme

NABMA is delighted that a priority set within its five point Support Plan for Markets, as communicated to government, has been recognised with the announcement that a discretionary fund has been set up to accommodate certain small businesses previously outside the scope of the business grant funds scheme.

Of importance is the specific reference to market traders.

NABMA had set out within its the Support Plan the lack of available support to self-employed, small and micro businesses that do not have business premises and therefore fall outside of the original government support, and the priority for this to be the subject of intervention.

The government scheme sets out that:
“This additional fund is aimed at small businesses with ongoing fixed property-related costs. We are asking local authorities to 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. But local authorities may choose to make payments to other businesses based on local economic need. The allocation of funding will be at the discretion of local authorities.

“Businesses must be small, under 50 employees, and they must also be able to demonstrate that they have seen a significant drop of income due to Coronavirus restriction measures.”There will be three levels of grant payments. The maximum will be £25,000. There will also be grants of £10,000. Local authorities will have discretion to make payments of any amount under £10,000. It will be for councils to adapt this approach to local circumstances.”

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