Information has now been released regarding several local authority grant schemes covering the latest national lockdown.
The Chamber has gathered information that has been released for a number of local authority grant schemes which covers; Bromsgrove/Redditch, Wyre Forest, Wychavon/Malvern Hills. Worcester City Council are awaiting Government guidance on financial support to businesses on the new lockdown from 6 January 2021. Meanwhile, if your business was affected by local restrictions that applied under Tier Two and Tier Three up to 4 January then you can still apply for support.
This comes just in time as cash flow concerns are a key stumbling block for Worcestershire business. The results of the latest ONS Business Impact of Coronavirus Survey revealed that 14% of UK businesses said they had low or no confidence that their business would survive the next three months. That percentage rose to 34% of accommodation and food service businesses.
From discussions with Worcestershire businesses, the Chamber can reveal that 20% of Worcestershire organisations had less than 3 months cash reserves available to them with 5% of businesses in Worcestershire stating they had no reserves at all.
This data emphasised the importance of providing support to local businesses in the short-term. We would like to see a more sustainable longer-term plan revealed by government in the coming weeks that will allow businesses to have confidence and be able to plan for the future. With no reserves on board there is no way businesses can plan and contribute toward the recovery of the local economy.
The schemes and grants released by local authorities is welcomed news, providing businesses with the lifeline they desperately need to last them until spring time.
As always, the Chamber is here to listen to the concerns of businesses and will continue to provide up to date information and support. Please visit our Coronavirus Business Support Hub to see what support and guidance is available to your business: www.hwchamber.co.uk/support/advice/coronavirus-information.
For more information on these important local authority grants please visit www.hwchamber.co.uk/access-your-local-authority-grant-funding.