New funding to support businesses that continue to be impacted by the pandemic has been launched by Hull City Council.
The initiative will support struggling Hull-based businesses, helping to safeguard jobs. Hull City Council has accessed a limited amount of funding through the Government Additional Restrictions Grant scheme after successfully distributing earlier grant allocations to business.
Councillor Daren Hale, Leader of Hull City Council said: “This new funding initiative is part of our Covid response to support the recovery of Hull’s economy. We’re committed to doing everything we can to help businesses suffering the detrimental impacts of the Covid pandemic. The new grants will support Hull business who are still very much struggling to exist because of the pandemic – helping them continue to trade and protecting jobs.”
Applications for the funding are invited from Hull businesses that employ at least three full-time staff and continue to be negatively impacted by Covid. Priority will be given to sectors that have been most severely affected by the pandemic such as hospitality, suppliers to the hospitality industry, manufacturing and business to business.
The grant can be used towards costs such as rent, rates, utilities and borrowing costs to help businesses survive.
Financial advisors will work closely with successful applicants to understand their business and their funding needs in addition to providing financial management advice. Business advice will be available for all applicants as well as support with locating additional sources of funding.
Demand is anticipated to be high for the grants and with limited funding available those applying are advised to expect a competitive process. Applications will need to demonstrate a strong justification for financial support. Funding is considered based on factors including severity of Covid impacts on the business and evidence of a clear recovery plan to ensure the grants are secured by businesses needing them most.
Application is via an online expression of interest form in the first instance. Businesses are invited to apply from today until 15th September when the funding application window closes.