After weeks of leading efforts to lobby Government, I can confirm that the Government intends to launch a new discretionary fund to support small businesses who are not eligible for support through the currently existing schemes.
Over the last few weeks, this has been my number one ask of the Government because key drivers of our local economy such as Melton Mowbray Market, Belvoir Engine Yard and Pera Business Park fall out of the scope of the two existing schemes.
I have brought together a great number of MPs to join me on calling for this much deserved extended support, and you can find the letter we sent to the Ministry of Housing, Communities and Local Government alongside the Department for Business, Energy and Industrial Strategy below.
Yesterday the Government announced its £617 million discretionary fund for small businesses, such as for those in shared spaces.
The businesses that could benefit include:
- Small businesses in shared offices or other flexible work spaces e.g. industrial parks, science parks, incubators etc, which do not have their own business rates assessment;
- Regular market traders who do not have their own business rates assessment;
- B&Bs which pay Council Tax instead of business rates; and
- Charity properties in receipt of charitable business rates relief which would otherwise have been eligible for Small Business Rates Relief or Rural Rate Relief.
There will be some eligibility restrictions and requirements for businesses, for which I await the full detail. I will, of course, provides updates as and when I have them, but this is a fantastic step forward for our local businesses and our Local Councils who want to support our business owners and local economies.
Councils will receive full information from Central Government next week, and will need time to work through the details of the new scheme.