FUNDING FOR SMALL BUSINESSES IMPACTED BY COVID-19

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A scheme to help more of the businesses impacted by the COVID-19 pandemic has been launched this morning (1 June).

Approximately £1.2m of government funding is available through the Folkestone & Hythe Discretionary COVID Business Grant Scheme, which will be administered by Folkestone & Hythe District Council (F&HDC).

This money is aimed at helping small businesses which have so far missed out on the government’s support measures in response to these unprecedented times.

Those eligible for the new financial support include businesses in shared workspaces, bed and breakfasts, regular market traders, charity properties, creative businesses, and traders in the retail, leisure and hospitality sector.

Cllr David Monk, F&HDC Leader, said: “There is no doubt that the current situation has significantly impacted the local economy.

“The council has been working hard to administer business grants on behalf of the government, and we have distributed around 95% of the available £30m in business grants over the past two months.

“This funding will help support some of the businesses which run out of shared units or from residential addresses not eligible under previous schemes.

Financial support is available for applicants which have suffered around a 25% drop in turnover/income and have fixed property costs which account for around 20% of all monthly outgoings.

Grants of £25,000, £10,000 or £5,000 are available. A full list of the qualifying criteria can be found by visiting folkestone-hythe.gov.uk/business-grant-scheme

Plans are in place to remain open to applications until 9am on Monday 22 June – however this could change if demand outweighs the funds available.

Businesses interested in the Folkestone & Hythe Discretionary COVID Business Grant Scheme can find out more or apply online by visiting folkestone-hythe.gov.uk/business-grant-scheme

Cllr Monk added: “We understand that many small businesses are facing major difficulties at this time so we will endeavour to get these funds to those eligible as soon as we can.”

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