Struggling businesses in Barnsley are set to receive a significant boost with a new £5 million relief fund aimed at revitalising the town’s high street. This initiative, announced by Barnsley Council, is designed to support local firms in the retail, hospitality, and leisure sectors, helping them to manage rising costs and maintain employment levels.
Key takeaways
- Total fund: £5 million allocated to support local businesses.
- Eligible sectors: Retail, hospitality, and leisure.
- Support details: Up to 60% off business rates and additional cash support.
- Exclusions: National chains are not eligible for this fund.
- Additional support: Tailored advice and workshops for businesses.
Overview of the relief fund
The £5 million relief package is expected to assist approximately 630 businesses, including start-ups, in Barnsley. The council has earmarked around £3.5 million specifically for covering business rates, with each business eligible for a maximum of £110,000 in support. This financial aid is crucial for local businesses that have been grappling with increased operational costs.
In addition to the business rates relief, the council will also implement a 25% rent reduction for tenants of the Glassworks and Alhambra shopping centres, as well as traders in the borough’s indoor and outdoor markets. This measure aims to alleviate some of the financial pressures faced by these businesses.
Business support initiatives
The relief fund includes a dedicated £500,000 business support fund, which will provide tailored advice, workshops, and access to experienced key account managers in the retail and hospitality sectors. This initiative is designed to help businesses navigate their unique challenges and access further resources for growth.
Each business receiving relief will be required to meet with a business support adviser. This meeting will focus on helping them understand the available resources and strategies to overcome their specific challenges.
Additional support for unique challenges
Recognising that some businesses face distinct hurdles, the council has allocated a portion of the fund to provide extra support for those encountering unique challenges. This targeted assistance is intended to ensure that all businesses, regardless of their circumstances, can benefit from the relief package.
Conclusion
Barnsley Council’s £5 million relief fund represents a proactive step towards supporting local businesses during challenging times. By providing financial assistance and tailored support, the council aims to sustain economic activity and employment in the area, ensuring that Barnsley’s high street remains vibrant and competitive. This initiative not only aids existing businesses but also encourages new enterprises to establish themselves in the town, fostering a robust local economy.
