Help for small Fenland businesses struggling after rate hike

Business news from the Peterborough Telegraph, peterboroughtoday.co.uk, @peterboroughtel on Twitter, Facebook.com/peterboroughtoday
Business news from the Peterborough Telegraph, peterboroughtoday.co.uk, @peterboroughtel on Twitter, Facebook.com/peterboroughtoday
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More than 100 small businesses hit by a rates hike will be able to benefit from a funding scheme.

About £160,000 has been earmarked to help Fenland businesses that have suffered a 10 per cent plus increase in their business rates.

It is thought about 110 small businesses will benefit with savings ranging from £100 to £13,999 with most expected to save about £300.

The money will come through Fenland District Council’s discretionary rate relief fund for 2017/2018.

The Government has made £300 million available over four years to help councils support businesses that are facing the steepest increases in business rates bills since a national revaluation in March.

To be eligible for the scheme, business properties must have a rateable value of £200,000 or less, and the increase in rates for 2017/2018 must have been greater than 10 per cent compared with 2016/2017.

Councillor Chris Seaton, the council’s finance spokesman, said: “The rate relief funding is good news for Fenland as it will ensure small businesses get the most help with their rates.”