Once approved the scheme will be open from Thursday 25 June until 1 July with online submissions to the new Local Authority Discretionary Grant Fund from eligible small and micro businesses.
This is just one of the support measures which the Government has announced, and the council will be delivering, to support businesses due to the disruption caused by Coronavirus (COVID-19).
The Discretionary Grant Fund is primarily aimed at small businesses not eligible for the Small Business Grant or the Retail, Leisure and Hospitality Grant and suffering financial hardship as a result of COVID-19.
Eligible businesses could receive a £5,000, £7,500 or £10,000 grant depending on turnover, number of employees and fixed property costs. Regular market traders could also receive a grant of £1,000. As the funding is limited, the Government has prioritised certain businesses and allowed some discretion for local priorities.
Southampton City Council has already played a lead role in delivering over 90% of the National Business Grant programme to local businesses to date, higher than the national average of 86%. £34 million has been delivered to eligible businesses through the Government’s Small Business Grant Funding and Cash Grant for Retail, Hospitality and Leisure. Businesses who have benefitted from these are not eligible to apply for the new Local Authority Discretionary Grant Fund.
A virtual Full Council meeting will be held on Wednesday 24 June during which the funding can be formally accepted with the scheme becoming available from 25 June. The council would encourage all small businesses that are eligible to apply, however there is limited funding which will be allocated and prioritised.
Alongside delivering business grants, Southampton City Council are also working closely with local partners to support the local economy during lockdown, plan for recovery, as well offering advice and support through our dedicated business helpline.