Last chance for businesses to apply for Covid support grant

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(Last Updated On: July 14, 2020)

Businesses across Teignbridge – from sole traders to larger businesses – are being offered a final chance to apply for a new grant scheme to help them recover losses resulting from coronavirus.

The grants can help businesses offset losses like fixed commercial property costs, but sole traders who work from home are also eligible, as well as people in receipt of self-employment money.

This is the third and final round of the grant scheme, which opened on 8 June. The council has already awarded over £1m of funding to businesses across the district who have not been eligible for any of the previous COVID support grants, and who started trading before 11 March.

In the most recent round, 240 businesses received funding with £669,500 being paid out – consisting of 147 £1,000 grants; 41 £2,500 grants, 20 £5,000 grants and 32 £10,000 grants.

Paramount 21 was one of the first companies to have been awarded a Discretionary Grant Fund of £25,000 by Teignbridge District Council. They are an award-winning food manufacturing company that was started 32 years ago by Ali Hannaford. They specifically produce frozen products for the foodservice industry which has been so widely affected by Covid19 and employed almost 90 people prior to the current crisis.

Owner and Exec Chairman Ali Hannaford (pictured) said: “The support that Teignbridge have given us has been really helpful, easy to apply for and greatly appreciated. Apart from the government furlough scheme, and the amazing support we have received from our bankers Nat West, this is the only other support we have had.

“Any business coping with an 80% overnight reduction in sales and uncertainty about when things might pick up will face challenges. We are doing everything we can to maintain as many of our jobs as possible. Teignbridge’s support, through their Economic Development department, will go some way towards helping us maintain our position as a large employer in the region.”

Teignbridge have not set any thresholds on ratable value (RV), company turnover or employee numbers. This means larger businesses can apply.

The maximum grant will be £10,000. There will also be grants of £5,000, £2,500 and £1,000 depending on circumstances. Those with minimal or no fixed commercial property-related costs are only entitled to a grant of £1,000.

Apply online by 17 July to be considered and please ensure you have all the support documents listed on the website before you start your application process.

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