Home   Bury St Edmunds   News   Article

Subscribe Now

£1.9M for West Suffolk as Small Business Grant Fund extended by government

The government has announced that extra funding is to be made available, with businesses run from shared premises, market traders, bed and breakfast owners and charities set to benefit.

Those whose businesses fall into these categories who have so far not been eligible for government grants have been asked to come forward as part of the plans.

Just under £1.9M has been put aside for West Suffolk, with the government prioritising certain areas.

Small businesses have been asked to come forward
Small businesses have been asked to come forward

Grants of £10,000 have been made available for any small business operating in shared offices or flexible work spaces including units on industrial or science parks and incubators where they do not have their own business rate assessment.

To be eligible, the overall property that is being operated out of must have had a business rates evaluation before March 11, and their rateable value must be equivalent to £15,000 or below if rated separately.

For those in retail, leisure or hospitality, the rateable value is set at £51,000 or below.

These grants will be paid from an extension made to the Small Business Grant Fund, with sums of £10,000 also being made available to small charity properties with regular market stalls to receive one grant calculated at £2,500 per location, up to a maximum of £10,000.

Bed and breakfast owners who pay council tax but not business rates will receive between £1,000 and £2,000 based on the number of bed spaces they offer.

After lobbying from West Suffolk Council, businesses in receipt of self employment support have now been added to the list of those eligible for the funding extension.

The government has advised that the process of paying out the grants should begin by June 1, with the council having set a deadline of June 30 for contacting and paying out grants to qualifying businesses.

Cllr John Griffiths said: "We are continuing to prioritise getting grants out to support our local businesses as swiftly as possible. We are doing all that we can to get these grants to small businesses including lobbying the Government so that we can pay these to our regular market traders and B&B businesses."