FROM tomorrow (10 June), Cambridge City Council is making available over £1.1million in grant funding to eligible small and micro businesses that missed out on the Small Business Grants paid out earlier this year.
These new grants are targeted at those in shared offices or flexible workspaces, market traders, B&Bs, and some charities and other not-for profit organisations, that were not eligible for the earlier grant schemes for small businesses.
Organisations are encouraged to apply for the funding, known as the Local Authority Discretionary Grant, which is being paid for by the government as part of its response to the coronavirus crisis.
Organisations may be eligible even if they are receiving help under the Coronavirus Job Retention Scheme or the Self-Employed Income Support Fund, but not if they who have already had a Small Business Grant.
The one-off payments range from £1,000 to £10,000 depending on the size and nature of the organisation. Details of the funding and how to apply are all available on the council’s website at: https://www.cambridge.gov.uk/coronavirus-discretionary-grant-fund
In summary, funding is available to:
- Small businesses that do not pay business rates themselves but are located in shared or serviced accommodation in Cambridge which are registered for business rates;
- Market and street traders that have a signed license agreement or signed consent with the council and who are were trading on 11 March;
- Bed and breakfasts registered with the council’s environmental health service on 11 March and registered for Council Tax;
- Charities and other not-for-profit organisations that pay business rates to the council and would otherwise meet the criteria to receive Small Business Rate Relief and to charities and not-for-profit organisations that do not pay business rates themselves but are located in shared or serviced accommodation in Cambridge which are registered for business rates.
Payments will be made on a first come, first served basis and a team of council officers will ensure all of the priority groups receive a reasonable share of the overall discretionary business grant funding available.
Once the funding is all allocated, the discretionary business grant scheme will close.
Cllr Richard Robertson, Executive Councillor for Finance and Resources, said: “We very much appreciate how difficult it is for organisations who have suffered major loss in income as a result of the pandemic.
“This is a really tough time for organisations that cannot trade or have suffered big reductions in income. The government’s rules meant some smaller businesses were not eligible for the Small Business Grants but we are targeting this new funding at them.
“We are working hard to support businesses throughout this period and I am pleased that we are now able to help those smaller organisations that make such an important contribution to the local economy. Many of them employ staff and these grants will help get them back to work.
“I would encourage anyone who feels that their organisation may be eligible to check the details on our website and send us an application for funding that could help them through this crisis.
“We will assess applications and allocate the grants to eligible organisations as quickly as possible and will continue to do all we can to support city businesses.”
The council has been working with partners and business networks to support local businesses throughout the coronavirus crisis with a range of measures including providing nationally funded grants. The council has so far (as of 4 June) paid out over £21 million in grants to around 1,400 Cambridge businesses.