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Business / More than £4m approved for local businesses through coronavirus support fund

Lerwick Town Hall.

OVER £4 million in coronavirus support funding has now been approved for Shetland businesses.

A total of £3.15 million has been approved through the small business grant fund, which gives out a maximum of £10,000.

As of Monday morning (27 April) Shetland Islands Council, which is administering the funds locally, has received 373 applications, with 315 grants awarded.

For the £25,000 retail, hospitality and leisure fund there have been 63 applications. Forty three have been approved, bringing the support to £1.075 million.

The Coronavirus Business Support Fund was announced by the Scottish Government in March as part of a range of measures designed to support businesses through the coronavirus crisis.

Businesses who may be eligible for financial support are encouraged to apply.

To qualify for the £10,000 grant, businesses must be paying rates for a non-domestic property at 17 March that was in receipt of either:

  • Small business bonus scheme
  • Rural relief
  • Nursery or disabled relief

Non-domestic ratepayers may not actually incur a rates cost each year because they receive one of the rates reliefs available, but may still be eligible for the grant.

The retail, hospitality and leisure grant is available for companies with premises of a rateable value of between £18,001 to £51,000.

Chairman of Shetland Islands Council’s development committee Alastair Cooper said the fund was a “welcome lifeline for local businesses during these difficult times”.