Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what recent steps he has taken to support small businesses in (a) Dudley and (b) throughout the West Midlands.

The Government-backed British Business Bank (BBB) is working alongside LEPs in the Midlands to deliver the Investment Strategy for the Midlands Engine Investment Fund (MEIF). To date is has made over £80m of investments in firms located across the Midlands and includes £31 million of private sector leverage.

The Chancellor’s has announced temporary measures to support businesses during the coronavirus outbreak. This support is comprised of two packages that we are asking local authorities in England to administer to support small businesses. They are the Small Business Grant Fund and the Retail, Hospitality and Leisure Business Grants Fund.

The first scheme is a £10,000 grant per eligible business. Eligible businesses will be those with a rateable value of £15,000 or less and thus eligible for relief under the Small Business Rates Relief scheme (full relief and tapered relief) or the Rural Rate Relief Scheme. We estimate that this will apply to some 730,000 businesses across England.

The second scheme is the Retail, Hospitality and Leisure Business Grants Fund. This fund is intended to support businesses in sectors that we know are being profoundly impacted and which are crucial to local economies across England. The businesses that are eligible will be those that eligible for a discount under the Expanded Retail Discount scheme. Grants will be provided in respect of each property (hereditament); so businesses with multiple outlets would receive more than one grant and may receive grants from separate local authorities.

There will be two levels to this grant: £10,000 for properties with a rateable value for £15,000 or less; £25,000 for properties with a rateable value of more than £15,000 but less than £51,000.