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South Tyneside Small Business Recovery Fund Launched

Small businesses which have not already benefited from COVID-19 government financial support may be entitled to a new £10k grant.

The government has asked local authorities to administer a grant fund aimed at supporting certain businesses which may have fallen outside the scope of previous financial aid.

As there are limited funds, there will be strict eligibility criteria and grants will be awarded on a first come, first served basis.

Cllr Iain Malcolm, Leader of South Tyneside Council, said: "Government has announced a new fund to accommodate certain businesses which haven't already benefited from one of the previous COVID-19 support schemes.

"Councils will be asked to distribute this, and we have decided to split our £1.4m allocation into grants of £10k each. We recognise that this means we probably won't be able to offer all eligible firms a grant.

"In line with government guidance, we are looking to support businesses in commercial property, with ongoing fixed property costs and are able to demonstrate that their trading activity has been adversely affected by the pandemic.

"We know that this is an extremely difficult time and our business community is facing huge challenges.

"We're doing all we can to help them access vital financial assistance to see them through this crisis and beyond."

Businesses who believe they are eligible are asked to submit an expression of interest by 10am on June 8. They will then be emailed instructions and directed to an online application form, where they will be asked to provide a summary of how they have been adversely affected by coronavirus.

Businesses will be notified of whether their application has been successful on 1 July.

The expression of interest form and information about eligibility criteria and be found at www.southtyneside.gov.uk/smallbusinessrecoveryfund

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