News / Business West
Revealed: The amount of emergency funds distributed to Bristol businesses
Bristol City Council has distributed £53m worth of grants to businesses struggling in the midst of the pandemic, but many are yet to apply for support.
Business West has published data comparing the speed of local authorities in responding to what has been described as the “biggest economic shock to hit the country since the Great Depression in the 1930s”.
Bristol has received approximately £88m in allocated funds from central government to pay small business grants. There are an estimated 8,071 companies in the city eligible for financial support, but the council said that 20 per cent of these are yet to apply.
The £53m represents 60 per cent of the total allocated funding, which has been distributed to around 4,127 businesses (51 per cent of those eligible).
Matt Griffith says that for many, government support is what stands between survival and going to the wall. Photo courtesy of Business West
Director of policy at Business West Matt Griffith said: “Coronavirus is putting intense financial pressures on many of our region’s small and medium-sized businesses, with some facing critical days with survival in the balance, with drastically reduced income putting severe pressure on cash flow and reserves.”
Chancellor Rishi Sunak announced the government’s small business grants package on March 17 and Business West is putting pressure on councils to distribute the funds efficiently, with many livelihoods hanging in the balance.
As of Thursday, April 16, Bath & North East Somerset had distributed £11m worth of grants to 743 businesses, representing 24 per cent of allocated funding. The council has not provided a figure on how many businesses are eligible.
North Somerset Council and South Gloucestershire Council have received £40.4m and £39m respectively from the government to spend on small business grants.
As of Wednesday, April 15, North Somerset said publically that it has paid out £11m worth of grants so far, representing 27 per cent of the money received.
South Gloucestershire says it has paid out £18m worth of grants so far to more than1,500 businesses, representing 46 per cent of the total of grant money received.
Griffith continued: “This is the biggest economic shock to hit the country since the Great Depression of the 1930s. For many businesses, government support now is what stands between survival and going to the wall. But timing is critical – with staff costs and bills to pay, many can’t afford to wait.
“This is why we are urging all local authorities and central government to get money to firms as rapidly as is practicable.”
He urged businesses to apply to the council for available grants, adding: “It is vital that available funds are claiming by trading businesses, and not left unclaimed or claimed by landlords instead.”
Business West is also working with business owners in Bristol to lobby the government to support those companies that are falling through the gaps because they are not eligible for existing grants.
During a press briefing on Wednesday, April 8, mayor Marvin Rees said Bristol, along with other Core Cities, is asking for a £100m pot to help these firms.
Main photo by Ellie Pipe
Read more: Urgent call to help businesses missing out on vital government support
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