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Government introduces £10m support scheme for flood-affected businesses

Written by Dara Jegede on Monday, 24 February 2014. Posted in Politics, Analysis

The prime minister launches scheme as part of a flood support package to help homeowners and businesses back on their feet

Government introduces £10m support scheme for flood-affected businesses

Recent floods brought about a dampening start to 2014 but the folks at Number 10 have donned their wellies and rallied in support of small businesses.

The latest government response to flood troubles comes in the form of a £10m hardship funding. Businesses that have been flooded, as well as those in affected areas that have suffered significant loss of trade as a result, will be able to apply for support to help them continue trading. The funds will cover expenses for immediate clean-up costs, materials and other exceptional costs.

Additionally, businesses will be given extra time to file for accounts without any penalties in cases where the company affected is unable to file accounts or other documents on time as a direct result of the floods.

The government also welcomed assistance for SMEs from Enterprise Nation that has brought together the likes of EDF Energy, which is offering flexibility to those that need more time to pay, and Citrix, a cloud computing company, that is offering free three-month access to its GoToMeeting product for online meetings with employees and customers.

“It is vital that small businesses affected by the flooding get assistance as quickly as possible,” commented Vince Cable, the business secretary. “We know the insurance companies are working to process claims as quickly as possible and we will inform local authorities of their allocations from the Business Support Scheme on Thursday to assist businesses with clean-up costs or help them to continue trading.”

He encourages all businesses affected by flooding to get in touch with their local authority or contact the Business Support Helpline

 

About the Author

Dara Jegede

Dara Jegede

Jegede recently left the London School of Journalism having previously embarked on a soul-searching stint in the city of love. That's Paris, by the way.

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