Last chance for firms to apply for discretionary fundingJun 09, 2020
BUSINESSES in Luton are already applying for a share of the new government discretionary fund.
Administered through the council, businesses must be small, with less than 50 employees, and they must also be able to demonstrate that they have seen a significant drop of income due to the COVID-19 crisis.
Applications close tomorrow (Wednesday) but a second opportunity will be opened if there are funds left over following the first set of applications.
The grants are aimed at small and micro businesses with relatively high ongoing fixed property-related costs and which are able to show they have suffered a significant fall in income. Also able to apply are businesses which occupy property, or part of a property, with a rateable value or annual rent or annual mortgage payments below £51,000.
The scheme has three tiers of grants of £1,000, £5,000 and £10,000 which will be based on a scoring system set against certain criteria.
Cllr Sian Timoney, portfolio holder responsible for economic development and business support said, “This is such an incredibly tough time for businesses and so the introduction of another grant scheme is good news for those struggling at this time.
“This is a discretionary grant and we have done our best, working from the guidance we have been given from government, to create a scheme for Luton. We have based this on our local intelligence to see where the gaps in support are and what we have created will help address this. In particular we hope it will be support for businesses that that couldn’t apply for the retail, hospitality and leisure and small business grants”.
Applications can be made through the Advice for Business section of the council’s website HERE.