Published Monday, 03 August 2020
More than £50m has been paid out in COVID related business grants to support 4,000 Coventry companies that have been impacted by the COVID-19 outbreak.
The grant funding comes from three Government schemes: Small Business Grant Fund, Retail, Hospitality and Leisure Grant Fund, and Discretionary Grant scheme, which are designed to help small and medium sized businesses that have been affected by COVID-19.
However, the government has written to local authorities to advise that the scheme will end at midnight on Friday 28 August.
As a result, the Council is encouraging businesses, that are eligible for the grants – and who have yet to apply for the schemes – to get in contact.
The grants do not need to be repaid and can be used by businesses for any purpose. The Council are very keen to process any final applications and therefore will need to receive applications before midnight on Wednesday 12 August 2020 to allow time for final payments to be made before the 28 August 2020 closing date.
Coventry City Council is responsible for administering the schemes, which were launched in April.
To access the funds, businesses must meet specific criteria that has been outlined by the Government. The full eligibility criteria for both these grants can be found on the COVID-19 advice for businesses section of our website.
If businesses want to apply, an online form has been set up which allows eligible businesses to provide the Council with the details necessary to receive the grant.
Cllr Jim O’Boyle, Cabinet Member for Jobs and Regeneration, said: “It’s absolutely vital that we do all we can to attempt to protect jobs and businesses.
“We want to enable businesses to get back on their feet and I’d encourage any small business to get in touch before the deadline of 12 August.
“Officers in the business rates and business development teams in the Council have done a fantastic job in processing thousands of applications and they will continue to do so in the coming weeks.
“We want to make sure that all eligible businesses have every opportunity to contact us. We must get this absolutely right.”
A Coventry business that manufactures and distributes fire protective products
Fire Protection Coatings Ltd will be able to continue operating after receiving the grant funding from Coventry City Council during the pandemic.
The business based on Torrington Avenue in Coventry was founded in 2002 and employs 20 staff. The company moulds specialist coatings for the hydrocarbon industry and the sale of coatings and fire barriers to the construction industry.
Following a successful year, the pandemic has hit the company very hard, with sales down by 70%. They applied for funding through the discretionary grant scheme which the Council is administering. Their application was successful, and they received £10,000, which will help the business retain staff returning to work after being furloughed.
Cllr Jim O’Boyle added: “This is a great example of the necessity for the support to local companies. We know that there are still businesses that clearly need help, and we want to make sure as many Coventry businesses as possible benefit.
Yvonne Atkins, HR Manager, Fire Protection Coatings said: “The funding is a valuable lifeline to our business and employees. We got the grant decision within a week, it was really quick. Although we will see some recovery by October, it is likely to take 12 months for our supply-chain to get back to normal. The funding will enable us to put additional resources into our distribution as we can see the construction industry recovering more quickly with Government funding. We are planning to diversify and are already introducing a new range of fire extinguishers and protective timber coating to our range.
Yvonne added: “Our manufacturing side will remain depressed in the short-term and will need a lot of patience, before it starts to show some kind of recovery later this year. We would like to say a big thank you to Coventry City Council for the grant funding as well as other funding and training received.”