Local businesses who have missed out on business rates support, such as food wholesalers and brewers, are set to benefit from their share of a 1.5bn fund.
The issue affects a number of business in South Gloucestershire, who might have already benefited from the job retention scheme and the self-employed support scheme, but could have missed out on business rates support, due to not meeting the eligibility criteria.
The Government has now set out a targeted support package for businesses who have been unable to benefit from the existing £16 billion business rates relief for retail, hospitality and leisure businesses. Businesses will be able to benefit from this once the legislation passes through Parliament.
Businesses are also benefitting from the new Recovery Loan Scheme, which provides 80% Government-backed guarantees to lenders, runs until the end of the year. Eligible businesses can apply for loans between £25,000 and £10 million. Once received, the money can be used for any legitimate business purpose, including growth and investment.
As part of his Positive Plan for South Gloucestershire, local MP Luke Hall visited Charles Saunders food company in Yate, who will be eligible for the new type of business support.
As well as having a tour around the factory, Luke met with directors to discuss support for local businesses as the country recovers from the covid-19 pandemic.
The visit came as Part of Luke Hall’s Positive Plan for supporting jobs and the local economy. The plan means; supporting businesses and the local economy throughout the COVID-19 recovery, hosting further Business Forums across the community, continuing to hold Jobs Fairs across the constituency to help people into work and giving South Gloucestershire businesses and High Streets a bigger voice in Parliament.
Luke Hall said: Throughout the pandemic w provided unprecedented support to businesses. We are now going even further with an extra £1.5 billion for councils to provide additional targeted support to those businesses that have not already received rate relief. This is the fastest and fairest way of getting support to businesses who need it the most.
We are also acting to ensure businesses have certainty over their bills and councils have certainty over their funding so they can continue to support their communities and deliver quality local services.
It was fantastic to visit Charles Saunders, who are an exceptional local employer, to discuss this further package of support for businesses and employers.”