A new funding scheme is to be launched this Friday (18 December) to help businesses within the night time economy, and events, aerospace, travel and cultural industries.
As part of Stream 2 of the Additional Restrictions Support Grant scheme, BCP Council has dedicated close to £2 million in discretionary grant funding to specifically support sectors and industries that are most in need.
Grants will be available to businesses which have been mandated to close and businesses which have remained open but have been severely financially impacted by national restrictions. The grants will be £2,500, £5,000, £10,000 or £25,000. Businesses will also need to demonstrate that they fall within the key industries identified by the council; have income reduction of at least 50 per cent compared with similar comparable periods of trade and have unavoidable fixed ongoing costs
The application process will run from the 18 December 2020 to 15 January 2021. All applications will be reviewed and payments made after the closing date.
Cllr Philip Broadhead, deputy leader and portfolio holder for Economy at BCP Council, said, “At the start of the latest lockdown we promised to engage with our business community and identify those areas which most needed our help and support. We’ve listened and now I’m really pleased to be able to launch this scheme of targeted, meaningful help to some of our key businesses. I’m also especially delighted that we are one of the first councils in the country to be launching such a scheme and get money out the door to those hardest hit.
“Nightclubs and event venues for instance were the first to close, yet play a vital role in adding to the vibrancy of our town centres and stimulating demand in the hospitality and accommodation sectors. Across our area these sectors employ over 18,000 people and in Bournemouth alone this generates an estimated £134 million annual revenue for the local economy.
“We’re extremely pleased to offer this support, which is only possible due to funding provided to us by government. At what would usually be a peak trading period, we hope this dedicated funding stream will help bridge the gap between now and when these businesses can fully reopen. They are in need of support now more than at any previous time and we will continue to do everything we can to support them in the future.”
Ty Temel, owner of Halo Nightclub in Bournemouth, said, “Nightclubs and other entertainment venues contribute enormously to the local economy but are frequently forgotten about. They attract visitors, boost footfall and can be a deciding factor for student University choices. In addition, these venues provide direct and indirect employment, including both suppliers and security, and breathe life into our town centres.
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