Last chance for Isle of Wight businesses to apply for Government business grants

Over £47,000,000 has been paid out to Isle of Wight businesses as part of the two grant schemes from the Government, but it will be closing very soon, so eligible businesses are urged to apply before the deadline

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Eligible Island businesses have just one week remaining to provide details for the council to process payments under two key Government grant schemes.

The final date for details to be received via an online form is 19th August, with the Government having set a deadline of 28th August for last payments to be made.

The two grant schemes are the Small Business Grant Fund and the Retail, Hospitality and Leisure Fund.

To date a total of Island 4,152 businesses have received £47.35 million in grant funding under the two schemes.

A further 362 Island businesses have received £2.95 million in grants under an additional local discretionary scheme, which closed in June on the Island, but formally closes nationally on 28 August.

Whittle: Urge eligible businesses to provide their details
Cabinet member for regeneration and business development, Councillor Wayne Whittle said:

“This Government grant funding has proved crucial to thousands of Island businesses during these unprecedented times, and many were able to access the support at a very early stage to help them through the lockdown period.

“With just a week remaining I would urge any eligible businesses that have not yet done so to provide their details via the online form so we can get payment to them before the schemes close.

“I would particularly like to thank our many partner organisations for helping spread the word about these grants over the recent months, and especially our dedicated council teams who have worked tirelessly to process and get payments out to businesses since early April.

“The council has heavily promoted the availability of these grants to ensure all those eligible are made aware, and was among the first in area to have them up and running after the Government first announced the schemes.

“We were particularly quick off the mark with our additional local discretionary fund in late May, which has helped many businesses which missed out under the other schemes.

“These schemes all formally close nationally on 28th August and we had hoped the Island would be able to retain the remaining funds, of around £3 million to support those businesses that have missed out, but have been told these must be returned to the Government.

“We will continue to press for further Government support and funding as our businesses continue the long and challenging journey through these very difficult times.”

Small Business Fund
The Small Business Fund provided grants of £10,000 for all business in receipt of small business rate relief or rural rate relief.

On the Island to date 3,171 businesses have received £31.71 million in grants from this fund.

Retail, Hospitality and Leisure Fund
The Retail, Hospitality and Leisure Fund provided grants of £25,000 for retail, hospitality and leisure businesses with property with a rateable value of more than £15,000 and less than £51,000; and grants of £10,000 for retail, hospitality and leisure businesses with property with a rateable value of £15,000 and under.

On the Island to date 389 businesses have received £9.72 million in £25,000 grants from this fund, and 592 businesses have received £5.92 million in £10,000 grants.

News shared by Isle of Wight council press office. Ed

Image: Images Money under CC BY 2.0

Wednesday, 12th August, 2020 9:27am



Filed under: Business, Government, Isle of Wight Council, Isle of Wight News, Top story

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