Almost 200 local businesses are set to benefit from a new relief scheme set up by Knowsley Council to cover increases in their business rates.
Many firms across the country are facing significant increases as a result of the Government’s revaluation process this year.
In response, Knowsley Council is managing a fund of £198,000 which will cover up to 100% of the increase in business rates for around 190 firms in the borough this year.
Those businesses that meet an agreed criteria, which includes the rateable value of their premises, the amount of their business undertaken in Knowsley and the level of opportunities given to the local workforce, are set to benefit from this additional relief.
The funding has been allocated to local authorities to manage by the Department for Communities and Local Government.
A decreasing amount of funding will be available over the following three years.
Knowsley Council’s Cabinet Member for Resources, Councillor Gary See, said:
“I’m pleased that we are able to use this fund to support those firms in Knowsley most affected by the increase in Business Rates this year.
“Local businesses play a huge role in our borough, providing employment to local people and helping to drive the economy, so it is vital that we help them cope with the increased costs imposed on them by the Government.”
Ian Tomlinson, Chief Executive of Cybertill – one of the businesses benefitting from the scheme – said:
“SMEs are operating in challenging economic conditions. Increased business rates will put many under severe pressure, leading to a loss of confidence, and potentially limiting investment in jobs and infrastructure.
“I am happy to see that this additional relief scheme has been put in place to offset the increases.”
All businesses eligible for the relief fund will have their accounts automatically adjusted and do not need to make an application.
Picture: The Leader of Knowsley Council, Cllr Andy Moorhead (left), with representatives of some of the businesses benefiting from the council scheme.