£14 million cash lifeline for Newcastle businesses

Newcastle City Council will issue a £14mil grant to support small business, reports Sara Nigohosyan

Sara Nigohosyan
30th November 2020
COVID-19 has negatively affected many businesses, particularly smaller ones, which has pushed Newcastle City Council to create a £14 million business support grant.

This new initiative will allow businesses who apply for the grant to  stay afloat. With the £14mn available, owners are urged to fight the negative financial impact that lockdown and Tier Two, and the now approaching Tier Three restrictions, have inflicted on the North East.

Eligible businesses are expected to complete an online form, which will determine which of the three different grants will be made available to them. 

With pubs, bars, and restaurants making Newcastle a famous city for its lively nightlife and social atmosphere, the city is now facing large difficulties.

Before this week’s announcement of the upcoming Tier Three rules Councillor Ged Bell, Newcastle City Council cabinet member for employment and culture, pointed out: “This funding only covers up to 2 December, and we don’t yet know what further restrictions could be in place after that date but we’re committed to supporting our local economy, and will continue to lobby government for greater support for business to save jobs and keep Newcastle businesses trading.”

Although the funds available will most likely not cover the heavy losses that many businesses have suffered, Adrian Wadell, the Chief Executive of NE1 Ltd, said that he hopes that it is “enough to help businesses bridge the gap between now and when they can trade freely, safely and profitably".

"In the meantime, we will do all we can to support businesses through these challenging times.”

Businesses forced to close can be eligible to receive grants of up to £3000 for the period of the national lockdown. Smaller top-up grants are also made available for the nightclubs and dance venues which have been closed since March.

Following the updates of the upcoming Tier Three restrictions, more is expected to be heard from the Newcastle City Council.

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