In addition to the COVID Closure Grant funding has also been allocated by the Council for a Discretionary Hardship Fund.
The Discretionary Hardship Fund is open to businesses in key sectors that either provide an important service to the borough or provide a significant economic/employment benefit that are facing significant and potentially longer-term financial difficulties due to the COVID 19 pandemic.
Businesses may be eligible to apply for a one-off grant where they have significant ongoing overheads and where an Additional Restrictions Grant intervention would safeguard jobs.
The scheme is aimed at businesses that have not been in receipt of a Local Restrictions Support Grant. In exceptional circumstances businesses that have been in receipt of LRSG will be considered, subject to grant availability and where they can demonstrate that additional assistance through the Hardship fund would support recovery and safeguard jobs
Key Eligibility Criteria
To be eligible to apply for funding businesses must:
- Employ staff
- Be safeguarding jobs
- Be in a key sector (advanced manufacturing; aerospace; finance & professional; creative & digital; energy & environment and health
- Have significant on-going overheads (e.g. business rates liability, mortgage, lease/rental costs)
- Have undertaken or plan investment in the business
Business will be required to complete an application form and provide the following information:
- a detailed business case clearly showing how the pandemic has impacted on the business.
- a recovery plan showing how and what measures the business will be putting in place for coming out of the pandemic and how the business will safeguard jobs.
- the last 2 years audited accounts.
- a cash flow forecast compared to pre-COVID projections
Grants of up to £100,000 may be awarded in exceptional circumstances. Applications will be assessed and approved based on the business case provided in the application and the number of jobs that will be safeguarded as a result of the grant support.
If you feel your business meets the criteria set out above, please email the Council's business support team at firstname.lastname@example.org who will respond to your enquiry.