New fund to help local, independent businesses is launched

Release Date: 25 August 2017

A discretionary rate relief scheme, which aims to provide transitional support to certain businesses impacted recent changes to Business Rates, has been launched by Richmond Council.

Following his budget announcement, the Chancellor allocated £1.2m over four years to Richmond to help local businesses with the impact of the business rate revaluation.

Following engagement with businesses, the Council has designed a local scheme using simple criteria and an easy application process. The Council has identified about 1,100 businesses which it thinks may be eligible for some help. Each of these businesses will be sent an application form.

The Council is also encouraging other businesses to go online and review the criteria and if they think that they may be eligible, to apply now.

Cllr Stephen Speak, Richmond Council Cabinet Member for Finance and Performance, said:

“We know that in Richmond just over half of local businesses saw an increase in their revalued business rates.

“This transitional arrangement scheme seeks to help small and medium sized local businesses, who have been impacted by an increase.

“We believe that around 1,100 businesses in the borough should be eligible for some benefit from the Government’s fund. And, to deliver that support to the lifeblood of our communities, we have proactively written to them all.

“If you receive the Council’s letter, we encourage you to complete the application as soon as possible and no later than January 31, 2018.”

Find out more about Discretionary Rate Relief.

Notes for editors

If you are a journalist and would like further information about this press release, contact Elinor Firth on 020 8487 5159.

Reference: P393/17

Updated: 31 August 2017