Top-up loans are for businesses and organisations that have suffered a ‘significant fall’ in income due to Covid-19 and have not been able to access other grants.
All applications need to be submitted by June 12 and be from businesses that were trading on March 11, have fewer than 50 employees, have ongoing, fixed property costs and have not benefited from another Covid-19 related grant, including Self Employed Income Support.
Sheffield City Council has received £5.5m to allocate. It has decided to initially award grants of £3,000, £5,000 or £10,000 to the following categories:
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- Businesses and charities in shared offices or other flexible workspaces (industrial parks, science parks and incubators) which do not have their own business rates assessment
- Retail, Hospitality and Leisure businesses in shared spaces or other flexible workspaces and concessions (food halls) which do not have their own business rates assessment
- Local charity properties in receipt of Charitable Rates Relief which would otherwise have been eligible for Small Business Rates Relief
- Nurseries who were otherwise eligible for a Small Business Grant but excluded because they have a rateable value over £15,000
The application form and full guidance can be found here.
To check eligibility contact Business Sheffield on 0114 224 5000 or email [email protected]
Coun Mazher Iqbal, cabinet member for business and investment at Sheffield City Council, said: “We have heard from many businesses who have previously been unable to claim business support grants and have faced severe financial difficulties because of this.
“We welcome the new scheme as it will give many smaller businesses, as well as those who share retail space, some much needed reassurance in these challenging times. However, I am disappointed to see that funding for the grants, which businesses sorely need, has been reduced by the Government since its initial announcement.
“I’d like to encourage all businesses who think they may be eligible for these grants to apply as soon as possible to secure funding.”
Alexis Krachai, co-chair of the Sheffield Covid-19 Business Response Group, said: “This new scheme will provide funding to some of the smaller businesses in the city who have been hit hard by the impact of Covid-19.
"We’ve got some amazing shared workspaces and food halls in the city but the businesses that make these places special were not eligible for funding provided by central government.
“Some difficult decisions have had to be made about who is eligible for the grants but we’ve prioritised small businesses and charities who do not have their own business rate assessment.
“The Council has worked hard to engage local business groups to develop the Sheffield Covid-19 Grants Scheme. Covid-19 has had a real impact on communities and the local economy but the crisis means we are forging new partnerships that will make this city stronger in the future.”