Application Deadline: 2 December 2021 at 12 noon.
North Northamptonshire Council is seeking applications for its Discretionary Recovery and Innovation Grant to support businesses that are based in the geographical area of North Northamptonshire, which covers the former borough Council areas of Corby, East Northamptonshire, Kettering and Wellingborough, applying to the associated Recovery and Innovation Grant.
Eligibility
The Government guidance issued in November 2020 gives the Council discretion over the grant and support scheme, and the Council’s decisions regarding the scheme will be final.
• The Scheme involves a financial grant. This scheme is aimed at small and medium sized independent businesses that;
o Have between 5-250 employees, and
o a balance sheet total of no more than £18million or annual turnover no more than £36million
• and due to the COVID19 pandemic restrictions;
o Had been required to close under the governments mandatory closure guidance either with or without a rateable value
o While not legally forced to close were nonetheless severely impacted by the restrictions. The Recovery and Innovation Grant is available for local independent businesses, and has been designed, and will be managed, by North Northamptonshire Council.
• The business must be open and trading.
• Companies that are in administration, are insolvent or where a striking-off notice has been made are not eligible for funding under this scheme.
Benefits
In order for this grant to benefit the maximum number of eligible businesses, grants will be directly proportionate to fixed property costs, income loss and number of employees. It is proposed that in Phase 1 grants will start from £10,000.
Application Procedure
The North Northamptonshire Recovery and Innovation (RIno) Grant is a locally developed scheme funded via the Additional Restrictions Grant (ARG) allocated by central government to local authorities (business rate billing authorities) to administer.
The goal is to support the local economy as effectively and robustly as possible, with the money received from the Government while keeping the individual grant amounts high enough that will still provide meaningful support to those businesses identified.
The discretionary recovery and innovation grant is a one-off grant aimed to:
• Support local independent businesses impacted by COVID-19
• Support plans which enable businesses to build back stronger
• Give a boost to measures which support the move to ‘Net Zero’
• Facilitate diversification and innovation to improve resilience
• Protect and create local jobs
Official Website: North Northamptonshire Council’s Discretionary Recovery and Innovation Grant
