New Funding Support for Small Micro Businesses
03 Jun 2020 by Leona
- Funding Opportunities
Sandwell Council is inviting applications from today from local businesses for a new COVID-19 support grant.
The council has £3.362m from the government’s Discretionary Business Grant Fund to allocate to local businesses.
This funding is specifically to support small and micro businesses with high fixed property costs which are not eligible for the other Small Business and Retail, Hospitality & Leisure support grant schemes.
Because it is a discretionary scheme, the criteria used to determine which businesses will get a grant is set by the Department for Business Energy and Industrial Strategy and a panel of council officers and local business experts.
Businesses should apply via the council’s online form: my.sandwell.gov.uk/service/Local_Authority_Discretionary_Business_Support_Grant
If they meet the eligibility criteria, their application will be assessed by the panel.
Users will need a MySandwell account and be logged in to complete the form.
The fund is cash-limited, so grants will be given out on a ‘first come first served’ basis, we therefore urge businesses to get their applications in as soon as possible.
Sandwell Council has designed a local scheme with specific criteria which will help identify and prioritise which companies will be likely to receive the available funding.
Small businesses are defined as:
• Having a turnover of no more than £10.2m
• Having a balance sheet total of no more than £5.1m
• Employing no more than 50 people
Micro businesses are defined as:
• Having a turnover of no more than £632,000
• Having a balance sheet total of no more than £316,000
• Employing no more than 10 people
Further information regarding this grant funding is available on the Think Sandwell website www.thinksandwell.com/contact/ or via e-mail at email@example.com