The Government and local authorities have been providing ongoing support for businesses across Greater Birmingham that have been negatively impacted by Covid-19. Read below for more information about the support and incentives still available to help your businesses.
The Recovery Loan Scheme is currently open to businesses of any size to help them access loans and other kinds of finance to help their post-pandemic recovery and transition period. Businesses must be able to show that they were adversely impacted by the pandemic.
The Recovery Loan Scheme has been extended until 30th June 2022.
The Scheme is now only open to small and medium sized enterprises; the maximum amount of finance available will be £2 million per business; and the guarantee coverage that the Government will provide to lenders will be reduced to 70%.
More information, including the eligibility criteria, is available on the Government’s website. To apply, businesses will need to find a lender accredited to offer Recovery Loans from the British Business Bank.
As with the current CJRS, employers are still able to choose to top up employee wages above the scheme grant at their own expense if they wish.
Some properties are eligible for discounts from the local council on their business rates. More information about business rate relief can be found on the Government’s website.
Businesses in the retail, hospitality or leisure sectors will have a 50% rate reduction automatically applied to their bill.