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More funding for Tamworth businesses available soon

Tamworth Borough Council has been allocated more funding to support the town’s businesses through the current lockdown and the ongoing coronavirus pandemic.

The council has been given just under £2.5million from the additional £2.2bn the Government has recently made available to help small businesses in England.

This money will be distributed under two grant schemes: c.£1million under the Local Restrictions Support Grant (Closed) and c.£1,5million as part of the Additional Restrictions Grant.

Tamworth Borough Council’s business and finance teams are working hard to finalise the process and get the grant schemes open to applications as soon as possible.

Businesses are advised to keep checking the Tamworth Borough Council web pages at where the application forms will go live soon.

In the meantime, here is some further information about the businesses which may be eligible for the new funding.

Local Restrictions Support Grant (Closed)

This is for Tamworth businesses which have been required to close due to local or national restrictions, such as non-essential retailers, leisure, personal care, sports facilities and hospitality.

The fund will be open to rate-paying businesses with premises and is expected to be allocated as follows:

  • For properties with a rateable value of £15k or under, grants of £1,334 per month, or £667 per two weeks;
  • For properties with a rateable value of between £15k-£51k, grants of £2,000 per month, or £1,000 per two weeks;
  • For properties with a rateable value of £51k or over, grants of £3,000 per month, or £1,500 per two weeks.

Additional Restrictions Grant

This fund is expected to primarily take the form of discretionary grants to businesses that do not qualify under the Local Restrictions Support Grant scheme. The aim is to provide appropriate support for the remainder of this financial year and going into 2021/22.

More information will be published as soon as it is available.

Cllr Jeremy Oates, Cabinet member for Heritage and Growth, said: “This pandemic continues to take a huge toll on our local economy and businesses and they need every bit of help they can get. This latest lockdown has come as a massive blow to those industries that have been most impacted by closures and restrictions since March. Hopefully the new £2.5million in funding will go some towards bridging the gap.

“It is in addition to around £12million that we have already distributed to local businesses since the start of the pandemic in March.

“Our teams are just finalising the applications process for the new schemes and will have that ready to go as soon as possible so the money can be delivered directly to the bank accounts of Tamworth businesses. I would encourage any businesses which may be entitled to a share of the funding, to check the criteria and keep an eye on the website for the form going live.”