Following the recent riots small to medium sized companies are encouraged to contact local authorities to claim for support. A £20M High Street Support Scheme, funded jointly by the Departments for Communities and Local Government, and Business Innovation and Skills is providing grants to assist SMEs directly affected by the recent riots to get back on their feet and help businesses to trade as normal.
Ann Fisher Commercial Business Partner at Hatchers Solicitors explains:
“Help is available to small and medium businesses through your local council but you need to be aware that you may only qualify for help if you fall under certain criteria:
1. The business must have been functioning between the dates 6th-11th August 2011
2. The business must have been directly affected by the riots and experienced losses
3. The business must be independent or a franchise and have less than 250 employees with a turnover of less than 11.25 million per annum.”
The money is intended to finance measures that will get business trading again and meet short term costs. Councils will distribute the money and could use it to reduce business rates, finance building repairs and equipment costs, and encourage customers back to the riot-affected areas.
In addition SMEs may also be able to claim compensation from their local police authority if a business has suffered damage to or loss of their buildings and property as a direct result of the riots under the Riot Damages Act. This also applies to those businesses that are uninsured. This does not cover all losses and businesses should be aware that they only have 42 days from the first day after the damage occurred.
Leading banks are also offering short-term financing such as temporary credit and loan repayment holidays to help riot-affected businesses awaiting insurance payouts.
Ann advises:
“If your business has been affected by the recent riots and you would like to find out if you qualify for a grant then contact your local council.”
For more information about how to claim for damages to your buildings or property contact the claims department by telephone on 0845 641 4925, or email riotclaimsnotification@cl-uk.com
