Cash boost for borough’s Covid-affected small businesses

Mason Moore | Hinckley Reporter | 19 February 2021

A CASH BOOST is now available for small businesses in the borough that have been affected by the coronavirus pandemic.

(Google Street View / Unsplash)

Small businesses in the borough are being urged by Hinckley and Bosworth Borough Council to apply to the new fund which will help them in safeguarding jobs.

The Borough Council have launched the Business Recovery Project Fund to target match funded grants to help small businesses in recovering from the impacts that they have, or may still be facing, due to the impact of the pandemic.

The Business Recovery Project Fund prioritises independent businesses in the retail, tourism, hospitality, and creative industries, and has been designed to go towards covering the cost of investing in new equipment, or other capital expenditure to help aid their recovery.

Other independent businesses who are able to demonstrate that they have suffered through ‘severe’ hardships throughout this pandemic are eligible and welcome to apply as well.

The Council have recommended a few suitable projects using the money from the funds if accepted.

These include:

  • New equipment or machinery
  • Building a website to go digital
  • Investing in new e-commerce products, like contactless technology
  • Permanent fixtures and fittings to support social distancing in eateries

Available grants range from £1,000 up to £15,000. The scheme provides 50 per cent grant support with the applicant providing the other 50 per cent match as funding.

The grant scheme is funded through the Government’s Additional Restrictions Grant. Hinckley and Bosworth Borough Council’s initial allocation of £300,000 is for the period up until the end of March 2022 in two years’ time, when the fund runs out.

Businesses who are applying for the funds should be able to demonstrate that their recovery project will safeguard jobs, but ideally create some new jobs within the company too.

Stuart Bray, Leader of Hinckley and Bosworth Borough Council, said: “We recognise local businesses has been severely impacted by the pandemic and many may need to adapt and change to survive.

“This grant is available to support our local businesses in implementing a recovery project enabling them to them get back on their feet and grow sustainably.”

For full guidance on how to apply for the funding if you are an eligible business, click here for more details.

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