Business support in Somerset
You may well have heard about various government initiatives being announced during the course of this week. Loans and business rate relief have been well publicised.
However the vast majority of businesses in Somerset are small businesses that do not pay rates. There is help on the way for you too. Government have realised that giving business rate relief is a fast and efficient way of getting money to companies. But at the same time this puts small businesses that pay no rates at an economic disadvantage.
If you pay little or no business rates it is because of a relief known as Small Business Rate Relief (SBBR). The government will provide additional funding to support small businesses that get this relief.
This support will be provided through your local authority – we understand this will be the District Council as it is District Councils that administer rates.
If you are currently eligible for SBRR or rural rate relief then you qualify for a one-off grant of £10,000. This could make a significant change to the viability of some of our small businesses in the long term.
We have been told that funding for the scheme will be provided to local authorities by government in early April. Guidance for local authorities on the scheme will be provided shortly.