BID Business Support through Covid-19 - Newsletter 8
Hello! Hope you are all well, We are here and very much working on the plans for our town centre’s recovery whilst anxiously awaiting the Prime Minister’s announcements on Sunday (aren't we all!).
After some heavy lobbying, we are pleased that the Government has recognised the value of BIDs and created a fund to help us cover some of our core costs for the three months of lockdown. Details are still to be confirmed.
Good news for small and medium businesses, the announcement of the Bounce Back Loans which are already available to apply. Businesses can access loans worth 25% of their turnover, up to £50k interest free for 12 months. There is also a discretionary fund that has been set up to accommodate certain small businesses previously outside the scope of the business grant funds scheme.
We will continue our weekly Zoom meetings; last week we had good discussions with the council’s Public Health team regarding re-opening of shops and businesses and social distancing. This week we welcome Alanna Kite from Visit Herts who will be presenting a very local campaign to support small and medium businesses in Hertfordshire – more info below.
Please get in touch with me and let us know how you are doing, and let us know how we can support you. Please give me a call on 01707497930 or email bid@welwyngarden.co.uk
Mariana
mariana@wgcbid.co.uk
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BID Virtual Meeting - Small Business Innovation Fund
Join us for the next virtual meeting on Thursday 7 May at 2pm - we will hear from Allana Kite from Visit Herts on Crowdfunded Hertfordshire: Small Business Innovation Fund, making available £200k for small and medium businesses. (see more below)
If you would like to join please get in touch bid@welwyngarden.co.uk
Or just log in to Zoom using the following details
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Crowdfund Hertfordshire: Small Business Innovation Fund
Hertfordshire Local Enterprise Partnership and Visit Herts are working in partnership to offer small and micro businesses within the tourism, leisure, hospitality, retail, arts and cultural sectors the chance to unlock between £2000 and £5000 in match funding to help overcome the challenges of Covid-19.
The £200,000 Hertfordshire LEP fund will be administered by Visit Herts and delivered through the Crowdfunder Pay it Forward platform. Participating businesses will raise money for their project through pledges from their community and loyal customers. Once a business secures their target through the Crowdfunder campaign, successful applicants will be able to unlock between £2,000 - £5,000 in match-funding from the Crowdfund Hertfordshire: Small Business Innovation Fund.
To qualify, your business will need to be located in Hertfordshire and be a micro or small business primarily operating in tourism, leisure, hospitality, retail, arts or culture sectors. You will need to demonstrate that your business has been affected by Covid-19 and how you would use the funding to adapt your current business to either operate during lockdown, or to adjust to post lockdown measures. You will also need to clearly demonstrate that the adjustments you intend to make will help protect jobs directly within your business.
If you think your business is eligible and are interested in finding out more information, join our Zoom meeting this Thursday!
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High Street Survey
We are working with a number of BIDs around the country to assess the post-corona landscape and we are asking members of the community to complete this short survey.
If you could share it with your customers that will be great and help us inform our recovery plans
https://www.surveymonkey.co.uk/r/HighStreetSurveybc
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Government Financial Support for Businesses
We keep updating this information every day to ensure you receive the most up to date data.
Bounce Back Loan Scheme
The new Bounce Back Loans scheme, announced by the Chancellor this week, will allow businesses to borrow between £2,000 and £50,000 and access the cash within days. Loans will be interest free for the first 12 months, and from Monday 4 May, businesses can apply online through a short and simple form.
The Government, which has been consulting extensively with business representatives about the design of the new scheme, will provide lenders with a 100% guarantee for the loan and pay any fees and interest for the first 12 months. No repayments will be due during the first 12 months.
https://www.gov.uk/government/news/new-bounce-back-loans-to-launch-today
Top-up to local business grant funds scheme
A discretionary fund has been set up to accommodate certain small businesses previously outside the scope of the business grant funds scheme.
Businesses must be small, under 50 employees, and they must also be able to demonstrate that they have seen a significant drop of income due to Coronavirus restriction measures.
There will be three levels of grant payments. The maximum will be £25,000. There will also be grants of £10,000. local authorities will have discretion to make payments of any amount under £10,000. It will be for councils to adapt this approach to local circumstances.
https://www.gov.uk/government/news/top-up-to-local-business-grant-funds-scheme
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Getting back to business - Social Distancing Advice for Non-Food Retail Stores
We are looking at the future and hoping that it won't be long until we can see our town centre back up and open for businesses. In preparation, the British Retail Consortium has started sharing some useful tips on social distancing that you can download following this link.
All resources are also available on our dedicated page on the website www.wonderfulwgc.co.uk/covid-19
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