Birmingham Businesses may be able to apply for a cash grant of up to £25,000, but the clock is ticking to submit applications.
Cash grants of up to £25,000 are available for Birmingham businesses struggling with the aftermath of Covid-19 - but time is running out to apply.
On Monday, 3 August, Birmingham City Council opened the second and final round of its Discretionary Grant Payments.
Using Government funding, the grants allow businesses to receive a one-off cash grant of up to £25,000 – which does not need to be repaid - to help aid their business recovery.
Cllr Ian Ward, Leader of Birmingham City Council, said:
“It’s not often in life you get something for nothing, but in this case that’s exactly what we are offering. This fund has been established specifically to help businesses recover from the impacts of Covid-19 by offering financial support to those who have been hit hardest.
“The opportunity to receive a cash injection into struggling businesses could prove to be a vital lifeline and we want to ensure everyone who could benefit has the chance to apply. The deadline is looming so anyone who has yet to apply needs to act quickly as they have nothing to lose but potentially everything to gain.”
During the first round of the Discretionary Business Grants in July, the council paid out £4.5 million to 1,020 businesses, which worked out as an average of £4,412 each.
Since applications opened for the second round on 3 August, there have been 446 applications and £186,000 has already been paid out to 22 businesses.
For the second round of applications, the eligibility criteria has been extended to allow more businesses to apply including all small businesses across all sectors; sole traders and self-employed workers with fixed commercial property costs; and businesses that can demonstrate a 30% loss in income due to Covid-19.
Businesses who were unsuccessful in the first round of the scheme can apply again as well as those that are not eligible for a Small Business Grant.
Whilst businesses that have received Government support through the Job Retention Scheme and Self-Employed Income Support Scheme are eligible to apply, those that have already received grant funding, such as Small Business or Retail, Hospitality and Leisure Grants will not be eligible.
Applications are being processed on a first-come-first-serve basis and require supporting evidence to be provided at the time of application in order to proceed. Digital copies of evidence such as bank statements will also be required.
Cllr Ward added: “Even though the applications are processed on a first-come-first-serve basis it’s not too late; there is still time and funding available for businesses to apply but that timeframe is shortening by the day.”
For more information on the eligibility criteria and evidence which is require when applying, visit the Discretionary Grants information page on the Birmingham City Council website.
Applications are now live for the next round of support grants for businesses in the city.
Birmingham City Council has secured a major boost funding to help small businesses in Birmingham bounce back from the COVID crisis.