New discretionary grant scheme launched for Island businesses
More Island businesses will be able to access further grant funding from today (Wednesday 14 April) as the Isle of Wight Council launches its latest Additional Restrictions Grant (ARG) scheme.
The government has allocated the council a further £852,000 of discretionary funding to support businesses severely impacted by COVID-19, but which are not eligible for the previously announced Restart Grants.
This could include businesses in the supply chain for non-essential retail and the hospitality sector, businesses operating from domestic rated properties, such as bed and breakfast accommodation, and the self-employed not operating from premises, such as taxi drivers and mobile personal care (hairdressing etc).
Chris Ashman, the council’s director of regeneration, said: “Over the past 12 months the council’s economic development team has distributed nearly £7 million worth of discretionary grants, processing more than 1,370 payments to support Island businesses.
“With this extra funding from government, we are now able to distribute further funds to these important Island companies to help jump start the Island’s economy as we come out of the lockdown.”
He added: ”Our allocated funds are smaller than for the previous schemes the council has run, so applicants are urged to apply swiftly as we are having to run the scheme on a first come, first served basis and we anticipate a high demand.”
The ARG scheme is separate to the Restart Grants for ratepaying businesses announced in the government budget of 3 March and which are due to be paid shortly.