Financial support is again being offered by Stratford-on-Avon District Council to businesses in the district affected by the continuing economic downturn.
The District Council has already used £10,000 from an allocation of £50,000 it received from the Department for Communities and Local Government (CLG) to support economic and enterprise issues arising from the economic down turn. Due to the ongoing difficulties faced by businesses a further £15,000 has been allocated from this to support hardship rate relief applications. This additional funding will enable the District Council to provide financial support to a greater number of local businesses currently suffering as a result of the economic downturn.
"The District Council has already allocated £10,000 to support hardship rate relief applications. With little change in the economic landscape many small businesses in the District still face an uncertain future and the District Council recognises that more support is needed by allocating a further £15,000," says Cllr Mike Brain, Community Services Portfolio.
"It is anticipated that this additional money will provide short term financial support for businesses who are struggling to remain solvent during this very difficult time. The more support the District Council can provide now, the better the prospects for businesses will be in the future."
Last year the widening impact of the economic downturn resulted in an increase in hardship rate relief applications to the District Council and this has meant that the current budget was no longer large enough to enable the District Council to maximise its support for businesses.
For further information about the scheme please contact the District Council on 01789 267575.
- In 2007/08 the Council received 3 applications, this increased to 9 in 2008/09 and for 2009/10, 6 applications have been received.
- In 2008/09 there were 415 Non Domestic Rate 'write offs' approved. This included 134 businesses which had become insolvent (32%). In 2009/10 there have been 91 Non Domestic Rate 'write offs' of which 34 are businesses which have become insolvent (37%).
