New grants for key businesses hit by lockdown

Three new grant schemes have been approved to help Bury businesses cope with the financial effects of the coronavirus lockdown.

Developed with local businesses, these funding streams are aimed at supporting companies whose survival is crucial to Bury’s economy and local jobs, and at those who have not received help so far.

Several million pounds is being distributed through the latest tranche of Additional Grant money, at the following three areas:

• Key strategic businesses which if they were to close would harm the borough’s economic capacity, such as manufacturers and producers affected by restrictions affecting national and international markets.

     Payouts of between £10,000 and £25,000 can be made, depending on the company’s rateable value.

• Key employment generators, particularly in manufacturing, logistics, creative and digital industries, and business, professional and financial services, employing 10 or more people.

     Multi-national outfits would not qualify and companies must be based in Bury. The cap for this fund is £1m and applicants would need to demonstrate what effect lockdown has had on their prospects.

• Small and micro businesses who have not previously benefitted from support programmes. This will extend support to many self-employed people who can demonstrate they have a trading business.

     This fund is to support businesses that do not have monthly commercial property costs but can provide evidence of monthly fixed asset costs that is fundamental to the operating of the business. These could be: company vehicles, storage space, specialist equipment or the rent of a chair or table in a health or beauty business.

     The fund will be open to licensed taxi drivers who can demonstrate they own or lease a vehicle. Support will also be extended to daily licence traders on Bury Market, following previous grants to traders with permanent leases.

     And a ‘special cases’ panel has been set up to distribute grants to applicants who have a worthy claim but are not eligible under government criteria for help.

     There are estimated 7,755 enterprises in Bury, employing from zero to nine people, who could benefit on application. Payments could be either £677 or £1,334 depending on the rateable status of the company, paid every 28 days until restrictions are lifted.

Councillor Eamonn O’Brien, leader of Bury Council, said: “Local companies have endured months of financial uncertainty caused by the pandemic and numerous lockdown restrictions.

“We are fully committed to doing all we can to support them, and local jobs, both now and in the coming years as we recover from the pandemic.

“Our dedicated business support team has worked tremendously hard since the start of the pandemic to distribute financial support of more than £45 million to Bury companies large and small across all sectors.

“These new grant schemes were developed in consultation with local business leaders, who are playing a major role – through our new town centre boards – to get the local economy on the road to recovery.”

Information on the various grants and other support available is on the Bury Means Business website: https://burymeansbusiness.bury.gov.uk/

ENDS

Press release issued: 21 January 2021.