Supporting our local businesses
Pages in Supporting our local businesses
- 1. Supporting our local businesses
- 2. Business rates
- 3. You are here: New grants and loans for businesses
3. New grants and loans for businesses
The Government has provided grants to help specified businesses through this period of disruption caused by COVID-19.
- Small Business Grants Fund: Businesses currently eligible for small business rate relief (SBRR) will be given a one-off grant of £10,000 to help meet their ongoing business costs. Local Authorities will pay the grants to businesses under discretionary powers and will be compensated for the cost of providing the grants by the Government.
- Retail, Hospitality and Leisure Grants Fund: A grant of £25,000 is available to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value between £15,000 and £51,000. Eligible businesses with a rateable value of up to £15,000 will receive a grant of £10,000.
Reigate & Banstead Borough Council has a list of eligible businesses and has been contacting them directly – by phone or email in first instance. However, in order to facilitate the process, eligible businesses are encouraged to complete the Covid-19 Business Grant form.
As of 11 May, the Council has paid out over £20 million in business grants to over 1,500 eligible businesses in the borough.
On 27 April, the Chancellor announced a new loan scheme - the Coronavirus Bounce Back Loan - to help small and medium-sized businesses affected by coronavirus.
- The scheme is now live for applications and cash will be released within days for eligible businesses.
- Businesses can borrow between £2,000 and £50,000.
- The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.
- Loan terms will be up to 6 years.
- The government will work with lenders to agree a low rate of interest for the remaining period of the loan.
- The scheme will be delivered through a network of accredited lenders.
Find further guidance and application details on the Coronavirus Bounce Back Loan website.
Local Authority Discretionary Grants Scheme
On 1 May, the Government announced further funding to local authorities to provide financial assistance to small businesses and micro businesses, with fixed accommodation costs of less than £51,000 per year – this can include rent or mortgage payments relating to a business premises. If you pay Business Rates, and your Rateable Value is over £51,000, we will still be able to consider your application if your rent or mortgage is less than £51,000 per year.
You are not eligible to apply if you have already received a grant under the Small Business Grants Fund or Retail, Hospitality and Leisure Grants Fund. If you have received a Grant under this discretionary scheme already, then you will not be able to claim again.
The level of funding is strictly limited, and after an initial round of applications, we are inviting further applications from businesses from Monday 13 July 2020 to Friday 24 July 2020 (application process closed at midnight). The maximum grant that will be paid out by Reigate & Banstead is £10,000, as we want to help as many local businesses as possible. There are also grants of £2,500 and £5,000. No payments will be made until after the closing date.
Please check your eligibility before applying. To be eligible to apply, the business must be:
- A small or micro business with a turnover of not more than £10.2 million.
- The balance sheet total must not exceed £5.1 million.
- The total number of employees must be less than 50.
- The business must have ongoing accommodation costs, which includes rent, mortgage or business rates.
- You do not exceed the limits of State Aid.
- You can only apply for grant for one business that was trading from an address within the borough on or before 11 March 2020.
In addition, under our criteria, the following businesses will not be eligible:
- Car parking spaces
- Land and property used for personal storage or leisure
- Advertising rights
- Bluetooth boxes and telephone communication masts
- Show homes
- Any business property that falls outside of the boundaries of Reigate & Banstead
- Coin-operated amusement rides and vending machines
- Properties used for AirBnB
- Businesses operating from a domestic property (unless as a registered Bed & Breakfast business).
Please note: Bed & Breakfast – these grants are open to businesses that pay Council Tax instead of Business Rates. The Council recognises an eligible B&B as being where the businesses is registered as a food business with the Council. Airbnb’s and holiday let properties that do not serve breakfast and are not registered with the Council as a food business will not be eligible under this scheme.
|Category||Maximum Grant Amount||Criteria|
At least £250 in rent or flexible licence fee per calendar month.
Eligible market trader, unable to trade with ongoing costs, or flexible co-workers and office sharers
|£2,500||Eligible market trader unable to trade or local business with a business property within the Reigate & Banstead borough, trading on or before 11 March 2020.|
|Rateable Value (RV) or fixed property costs up to £15K per annum||£5,000||A business occupies a property with an RV or rent/mortgage.|
|Rateable Value (RV) or property costs between £15,001 and £15,000 per annum||£10,000||
A business occupies a property with an RV or rent/mortgage.
If the RV is more than £51,000 but the rent/mortgage is less than £51,000.
For full details, please read the Local Authority Discretionary Scheme.
Discretionary Business Grant application - applications currently closed
To apply, please complete the Discretionary Business Grant application form before midnight Friday 24 July.
You will be asked to confirm to provide evidence of how your business has been affected, and evidence of your ongoing accommodation costs. Evidence can include your lease or license, with bank statements or invoices confirming payments. These can be uploaded with the application.
If we do not receive supporting documents, then your application is unlikely to proceed.
- Coast to Capital has set up a Backing Business Grant for independent small businesses and social enterprises (excluding charities) - deadline for sending your eligibility checklist is 12 noon on 22 May.
- Salesforce and Enterprise Nation is offering eligible small businesses the opportunity to receive a £5,000 grant to help them through Covid-19 - applications open for the South of England on 15 June at 8am, for just seven days.
- The Invest4 Business Hot House Grant Programme (funded by the ERDF) provides grants from £2,000 to pre-start and growing established businesses.