Around 120 Colchester businesses facing large rises in their business rates have been awarded rate relief by Colchester Borough Council – with more available for other companies across the Borough.
Colchester Council has been given £298,000 of Government money to provide support to companies who are receiving higher bills following a national revaluation of business rates last year.
Around half the funding has already been distributed to over 120 businesses across the Borough. The remaining funding will be awarded to firms by the end of March in an effort to prevent unallocated funds being returned to the Government.
Cllr Mark Cory (Lib), Portfolio Holder for Resources, said “With this fund, we give companies affected by the revaluation of business rates additional support with their bills.
“I am proud of our track-record in continuously supporting small businesses in Colchester, highlighted by a take-up earlier this year of funding support for over 60 local pubs, benefiting from over £70,000 of relief funding.
“We want to make sure we support all small and medium-size businesses, new or existing. I would urge any businesses who think they may be eligible, to apply as soon as they can.”
This additional funding follows a successful initiative which saw support for Colchester pubs last year.
Business Rate Relief for pubs was successfully promoted and delivered by Colchester Borough Council during 2017, using Government funding to provide 60 pubs with a discount of up to £1,000 on their business rates bill.
Local businesses have until Saturday 31 March to apply to the Council for the rate relief. If approved, the relief will be taken-directly off the firm’s business rates bill for 2017/18.
The decision to grant Discretionary Rate Relief rests with Colchester Borough Council. To view the criteria and to apply, visit www.colchester.gov.uk/discretionaryraterelief