£200k business support scheme launched

Thursday 2 July 2020

BUSINESSES affected by coronavirus can now apply for an emergency loan of up to £30,000 from Inverclyde Council.

Councillors on the Policy & Resources Executive Sub-Committee approved the new scheme for local firms which are unable to access government support packages that are already in place.

The council already provides grants of up to £10,000 and loans of up to £5,000 to help struggling businesses, as well as several other financial assistance schemes.

It has now been agreed that a loan of up to £30k is made available for firms that meet the eligibility criteria, which can be repaid over two years.

Local businesses can apply for the funding package until 30 June 2021.

The council is utilising £200k of funds ring-fenced with an external provider for loan purposes to ensure no strain on council budgets.

Councillor Stephen McCabe
Councillor Stephen McCabe

Councillor Stephen McCabe, Leader of Inverclyde Council and chair of the emergency P&R committee, said: “We understand that many local businesses have been severely impacted by the coronavirus shutdown and that some may not be eligible for certain government support.

“That’s why we’re stepping in to try and ensure none slip through the cracks and to ease the financial hardship by offering a very low-interest rate loan of up to £30,000 for organisations that meet the eligibility criteria.

“As a council, we’re doing all we can to support businesses and the Inverclyde economy to recover from the effects of the coronavirus pandemic.

“Our business support and development teams remain on hand to help businesses, those who are self-employed and third sector organisations access the vital help they so desperately need during these challenging times.”

The interest rate is set as low as the council is allowed to.

The scheme is aimed at businesses affected by the coronavirus and find themselves unable to access specific government financial support schemes due to either documentary evidence not being available or in the format required to achieve eligibility.

It was also agreed at Tuesday’s meeting that Cllr McCabe will write to the Scottish Government seeking support for individuals not covered by current business support measures.

To find out more about the scheme, how to apply and other business support on offer visit www.inverclyde.gov.uk/coronavirus.

Page last updated: 2 July 2020