£12m is being issued to businesses in Torbay and will be paid into bank accounts shortly. This means that over 1,200 businesses across a wide range of sectors in Torquay, Paignton and Brixham will receive urgent grant funding.

Over the weekend 1,200 local businesses will receive confirmation that their grant has been approved and is on its way. Payment is via BACS meaning that this will take around 2 to 3 business days to clear before reaching bank accounts. Allowing for the weekend this means the grants will be in business accounts within the next seven days.  

Around 2000 businesses have already applied for the Government backed financial support, which is due to be paid before the end of April. We have streamlined their processes in order to speed up the payments, whilst carrying out due diligence checks. Work continues to process the remaining 500 applications received and confirmation emails will be going out next week. 

Financial support loans and grants of £10,000 and £25,000 are being paid urgently to businesses across Torbay in order to allow them to continue to trade and employ people throughout this challenging period. The £10,000 grants are for small businesses that are eligible for small business rate relief, while the £25,000 grants are for businesses in the retail, hospitality and leisure industry with a rateable value between £15,000 and £51,000.

Darren Cowell, Torbay Council’s Deputy Leader and Cabinet Member for Finance says “The Government’s response to the Coronavirus is unprecedented, but we would like to urge businesses who need funding to get in touch via the link on the Council’s website. It is thought that around 1000 eligible businesses have still yet to apply for the funding. Provision has been made for struggling businesses so owners are asked to be proactive in reaching out to obtain these much needed funds.”

Over the coming weeks we, along with the TDA, will be reaching out to those businesses who are eligible, but who have not yet applied for the funding.

Information on making submitting a claim along with the full range of financial support packages for businesses can be found on the financial support for businesses page.