Regional economic responses of SCALE UP partners on the COVID-19 pandemic
Continuing with the economic response of SCALE UP partners to the COVID-19 pandemic, our regional partners below offer the following solutions to entrepreneurs and SMEs.
Lazio Innova’s “Ready Cash Plan”
The regional government of Lazio (Italy) announced several solutions to help the economy during the pandemic. Specific actions toward businesses and SMEs are outlined in their “Ready Cash Plan”. This includes the activation of a special section of the National Guarantee Fund for SMEs dedicated to businesses and freelancers in Lazio, able to assign direct guarantees of 80% and to reinsure 90% of the operations guaranteed by dedicated regional institutions. Guarantees can also be provided for small and very small loans. An allocation of EUR 20 million is foreseen and it is estimated that the facility will be able to allow the activation of new loans by EUR 200 million. Other actions include the establishment of a revolving fund for smaller loans, the introduction of a subsidised funding scheme, and the moratorium of installments due to the region, up to a maximum of 12 months.
The Anti-crisis package of Lubelskie Voivoideship
The Lubelskie Voivideship (Poland) has introduced the so-called “anti-crisis package” providing the following support for entrepreneurs (beneficiaries of projects financed from the Regional Operating Programme 2014 – 2020):
- projects at risk – the contracts with beneficiaries will be annexed in order to prolong the deadline for submitting payment applications, project duration will be extended, possibility to introduce changes to the project adequate to the situation of the beneficiary;
- loans from the funds of the Regional Operating Programme of the Lubelskie Voivodeship - additional grace period in the repayment of the loan (both for new loans and for the already granted loans), possibility to apply for the so- called “loan payment holiday” during the period of investment financing, possibility to lower the interest rate;
- planned calls for proposals in 2020 – extending the deadlines of the calls targeted at entrepreneurs, extending the deadlines for submitting explanations/ changes to the application for funds, possibility to sign the contracts later than it was originally planned in the Regulations (at present it is 90 working days).
For more information: https://cor.europa.eu/en/news/Documents/ECONomic_Bulletin-03.pdf
Business Rates and Grants by Nottingham City Council
In Nottingham (UK), the region is supporting businesses who meet certain criteria through the following actions:
- Small Business Rates Relief (SBRR), who will receive a grant payment of £10,000;
- Rural Rate Relief (RRR), who will receive a grant payment of £10,000;
- Businesses currently in receipt of 50% retail rate relief will see this increased to 100% for 2020/21, including Leisure and Hospitality sectors.
Those businesses in the retail, hospitality and leisure sectors will receive the following levels of grant payment:
- Businesses with a rateable value up to £15,000 will receive a grant payment of £10,000 whether or not you are entitled to small business rate relief;
- If you have a property with a rateable value of between £15,001 and below £51,000, you will be entitled to a grant of £25,000
*certain exclusions do apply.