Businesses face an uncertain time over the next few months due to the Coronavirus crisis.

The government has announced a range of measures to help employers, businesses and the self-employed.

We are working with TDA to make sure that grants, loans and the other support available are accessed quickly and effectively to help businesses operating in Torbay.

The government’s response to the Coronavirus is unprecedented, and we would urge businesses to take advantage of all the help that is available.

We are working with the TDA to develop an action plan for Torbay’s economic recovery. Together we have been seeking input from the Torbay Business Forum, Torquay Chamber of Commerce, Paignton Chamber of Commerce and Brixham Chamber of Commerce.

We are also working with partners across the region, such as our neighbouring councils and the Heart of the South West Local Enterprise Partnership to ensure that the region as a whole gets the support it needs – both now and in the future.

Local grant offerings for businesses

Emergency fund grants, unlike loans, do not have to be repaid by businesses eligible to receive them.

Discretionary business grants

Businesses that are not eligible for the previous grants announced may be eligible for a discretionary business grant.

We are accepting applications from:

  • Small businesses in shared offices or other flexible workspaces. Examples could include units in industrial parks, science parks and incubators which do not have their own business rates assessment;
  • Regular market traders with fixed building costs, such as rent, who do not have their own business rates assessment;
  • Bed and Breakfasts which pay Council Tax instead of business rates;
  • Charity properties in receipt of charitable business rates relief which would otherwise have been eligible for Small Business Rates Relief or Rural Rate Relief; and
  • Businesses operating in the visitor economy (i.e. tourism and hospitality) and the supply chain of this industry that did not qualify for the previous grant schemes that have a rateable value under £100,000.

Grants are available from £1,000 to £25,000. Businesses will need to evidence that they have suffered a significant fall in income as a result of COVID-19 and have relatively high ongoing fixed-property related costs.

Apply for a discretionary grant

Small Business Grants Fund (SBGF) scheme

£10,000 cash grants for small businesses that are eligible for small business rate relief.

Apply for a grant

Retail, Hospitality and Leisure Business Grants Fund (RHLGF)

£10,000 or £25,000 grants are for businesses in the retail, hospitality and leisure industry with a rateable value between £15,000 and £51,000.

Apply for a grant

Loans

Bounce Back Loan scheme

The Bounce Back Loan scheme will help small and medium-sized businesses affected by Coronavirus to borrow between £2,000 and £50,000. The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.

Apply for a bounce back loan

Coronavirus Business Interruption Loan Scheme (CBILS)

Small-or medium-sized business in England facing cash flow issues as a result of COIVD-19 can apply for a loan of up to £5 million, with the government covering up to 80% of any losses with no fees. Find out more about applying for a CLBILS.

The dedicated Government business support pages provides details of all support available, schemes in place and how to safely operate your business.

The support finder tool will guide you through the most relevant support available to you, and your business during the Coronavirus pandemic. This includes key information for the self-employed and sole traders on what support is being made available and how to apply.

If you are an employee seeking advice and guidance visit the work, financial support and money section of the government website.

Local support networks

Additional support

For further business support information visit the coronavirus business support pages on GOV.UK. Information includes:

  • Funding and support
  • Self-employed people and sole traders
  • Your responsibilities as an employer
  • Managing your business during coronavirus
  • Business closures
  • How you can help