£561m coronavirus support package available for region’s small businesses

Small businesses across the West Midlands have started to receive more than half a billion pounds of financial aid to help them through the coronavirus lockdown.

A specific Government funding stream of £561m for small businesses has been transferred to the seven metropolitan West Midlands councils and more than £1m has already been distributed, the region’s economic impact group has said.

More than 50,000 small businesses in the West Midlands are eligible for financial support as part of the Government’s wider economic support package to cushion the impact of the lockdown.

Most will be able to get small business rates relief and will receive £10,000 each. The remaining firms are retail, hospitality and leisure firms with a rateable value of between £15,000 and £51,000 and will receive £25,000 each.

The seven councils, Birmingham, Coventry, Dudley, Sandwell, Solihull, Walsall and Wolverhampton, have been handed responsibility for getting the financial aid to firms.

The region’s economic impact group, which brings together key public and private sector organisations including the West Midlands Combined Authority (WMCA) to help ease the effects of coronavirus on the regional economy, is supporting councils to make the grant payments quickly.

Mayor of the West Midlands Andy Street said: “At least £561m has now been delivered to the West Midlands and this will be welcome news for thousands of small businesses struggling in the face of this pandemic.

“The challenge now is to get this money, and the other funds announced by Government, out the door and into the hands of these small businesses as quickly as possible, and we are doing everything we can to make that happen.

“It’s crucial that businesses across the region are able to survive this pandemic not just for the livelihoods of families in the short term, but also because they will be vital in getting our economy back on its feet once this is all over.”