Business support fund launches in Sunderland to provide lifeline for Covid-hit firms
Sunderland City Council has revealed a new business support fund to provide financial support for firms that have been unable to take advantage of previous Covid-related funding schemes.
The Covid Resilience Grant was launched this week, March 3, by Sunderland City Council to provide financial support for businesses across the city who have been hit by the pandemic.
The grants are available to businesses from all sectors with ongoing fixed commercial property costs as long as they have not received any of the Covid-19 grants the Council has been administering since September and can provide evidence of the significant impact Covid-19 has had on their business.
Under the scheme, firms will be able to claim for a one-off payment which ranges from £5,000 up to £7,500 and £10,000 depending on the level of their fixed property costs.
The level of support for companies will depend on the rateable value of the business property they occupy and will be extended to those who do not have their own rateable value.
Firms with fixed commercial property costs of less than £250 per month will be ineligible to receive support.
Peter McIntyre, executive director for city development at Sunderland City Council, said the funding would provide a huge support to many of the businesses that have so far been unable to access the funding required to help them through the pandemic.
He said: “While we have already helped hundreds of businesses across the city cope with the impact of Covid-19 over the past 12 months, we know that there are still many out there that have slipped through the net and for a range of reasons are yet to be able to tap into support to help them through this crisis.
“Through the Covid Resilience Grants, we are providing much needed assistance to more of those that have suffered due to the pandemic and providing them with financial support which will help to ensure that they are in as strong a position as possible to come through the pandemic and help drive the city’s recovery post-pandemic.”
Applications for the grant will be open until midnight on Friday, March 19 but businesses are being encouraged to apply as soon as possible.
Payments to businesses will begin from Monday 22 March and more information can be found here.