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Council receives more than £10 million of funding to support businesses

Council receives more than £10 million of government funding to support businesses

The Council has now received more than £10 million of government funding to provide direct financial support to businesses in the Oadby & Wigston Borough are businesses as part of a wider £13.1 million package to help local firms.

The Council has acted quickly to get the first set of government business grants to local companies who are struggling because of the coronavirus pandemic. More firms will receive millions of pounds of support in the coming weeks.

The Council contacted all businesses currently in receipt of Small Business Rates Relief or have a rateable value between £15,000 and £51,000, currently 643 and 63 businesses respectively. This communication included relevant details of the scheme, as it was known then, and what information the Council needs to gather to ensure payments can be made promptly. By last Friday (April 3rd) the council had issued a total of £705,000 in business grants. However, it should be noted that some applications require more checks than others but all payments are being made as swiftly as possible.

The Council estimates a total of 706 businesses in the borough will be eligible for the grants worth a combined total of £8.0 million.

It comes as the Council also informs 167 businesses in the borough this week that they qualify for a business rates relief holiday and therefore will not pay rates for a year, this will save them over £5.1 million in business rates.

Combined with the grants, the available support to borough businesses is worth around £13.1 million.

Councillor John Boyce, Leader of the Council said “we realise that COVID-19 is causing all businesses, large and small, to face multiple challenges, make extremely difficult decisions for what is an indefinite period of uncertainty. We want them to know that Oadby and Wigston Borough Council is committed to supporting them through this with these grants.

Grants of either £10,000 or £25,000 are available to businesses that already get rate relief or are in sectors most affected by the national lockdown – such as shops, restaurants, gyms, beauticians and estate agents.

The Council needs to confirm details of each business receiving the grant and all such businesses are asked to complete an online form.

The form only takes a little while to complete and only asks for information that is readily available. This will ensure that payments only go to those businesses that are eligible and in most need.

The Council has been experiencing a high volume of calls so people are encouraged to visit the Council website in the first instance

The government website also has a lot of valuable information for businesses.

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