Eligible businesses could receive a £5,000, £7,500 or £10,000 grant.
Following approval at a Full Council Meeting on 24 June 2020, the Discretionary Grant Fund is now open for applications from eligible small and micro businesses, until Friday 3 July 2020.
The Discretionary Grant Fund is primarily aimed at small and micro businesses not eligible for the Small Business Grant or the Retail, Leisure and Hospitality Grant and suffering financial hardship as a result of COVID-19.
Eligible businesses could receive a £5,000, £7,500 or £10,000 grant depending on turnover, number of employees and fixed property costs. Regular market traders could also receive a grant of £1,000. As the funding is limited, the Government has prioritised certain businesses and allowed some discretion for local priorities. If the fund is oversubscribed, the council reserves the right to amend the grant levels downward, on a pro-rata basis, to enable as many grants to be paid to eligible businesses as possible, and ensure the fund remains in budget.
Councillor Stephen Barnes-Andrews, Cabinet Member for Finance & Income at Southampton City Council, said: "We’re extremely proud to have already delivered over £35 million in grants to local businesses who are trying to recover from the impact of the Coronavirus, through the small business and retail, leisure and hospitality grant. This means we have now paid 98% of businesses deemed eligible for these grants. We’re now ready to distribute more vital funds through the Local Authority Discretionary Grant Fund to some of our smallest businesses in the city.
"We would encourage all small businesses who think they are eligible to apply. I must add that, as much as the council would like to be able to offer financial support to every business, we have limited funding and will be following Government guidelines to help us prioritise the businesses we can support."
Businesses can find out more and apply here