Support for Small Businesses in Shared Offices and Market Traders

  • New £617m scheme announced for SMEs in shared office spaces
  • BEIS confirms funding to support businesses in shared spaces, market traders and small charity properties
  • Grants given at the discretion of local authorities
  • Businesses must have 50 or fewer employees and demonstrate significant income drop due to COVID-19 restrictions
  • Funding is a 5% increase on previous £12.33bn package

The UK government has announced a new £617 million funding scheme to support small businesses operating in shared office spaces, market traders, and small charity properties. The Department for Business, Energy & Industrial Strategy (BEIS) confirmed the additional funds to supplement the existing Small Business Grants Fund and Retail, Hospitality, and Leisure Grants Fund. Business Secretary Alok Sharma and Minister for Regional Growth and Local Government Simon Clarke discussed the new scheme with local authorities in England. To access the funding, businesses must have 50 or fewer employees and demonstrate a significant drop in income due to COVID-19 restrictions. The BEIS statement added that the exact amount for each local authority will be confirmed next week.

Factuality Level: 8
Factuality Justification: The article provides accurate and relevant information about a new funding scheme for small businesses in shared spaces, quotes from relevant sources, and explains the eligibility criteria for accessing the grant.
Noise Level: 3
Noise Justification: The article provides relevant information about a new funding scheme for small businesses in shared spaces and quotes an expert’s opinion on its impact. However, it could benefit from more detailed analysis of the implications and potential drawbacks of the scheme.
Financial Relevance: Yes
Financial Markets Impacted: Small businesses in shared spaces and regular market traders
Financial Rating Justification: The article discusses a new funding scheme for small businesses, which impacts their financial situation and the allocation of funds by local authorities.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the article.

Reported publicly: www.retailsector.co.uk