Leeds City Council has announced a new support scheme for businesses in the city which are struggling amid the cost-of-living crisis.
The business rate relief scheme launched at the beginning of October and is available to any businesses or social enterprises in their first three years of trading. It is also open to any businesses which "have a social or civic purpose" and benefit the local community.
Successful applicants to the scheme will receive £15,000 off of their annual business rate bills. The scheme has an overall budget of £1.75 million with half of the funding coming from the government.
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It is hoped the scheme will boost "inclusive growth" and any businesses which sign up will have to sign a corporate and social responsibility pledge in which they commit to actions like hosting community activities or improving the skills of young people.
Priority will also be given to businesses with a rateable value of between £15,000 and £51,000.
Councillor Jonathan Pryor, Leeds City Council’s executive member for economy, culture and education, said: “The discretionary business rate relief scheme will allow us to support our local economy while helping us deliver value for the taxpayer and local communities, by supporting businesses, innovators and entrepreneurs whose products and services have a positive impact on life in Leeds.
“The scheme directly supports the council’s inclusive growth strategy, by supporting business in the creation and retention of quality jobs in the face of current economic pressures.
“I would encourage all business across Leeds who feel they may be eligible for the scheme to apply as funds are limited.”
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