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Small Businesses Counting Flood Cost

February 16, 2014

While understandably focusing on the human cost and distress of the recent flooding, small to medium enterprises (SMEs) of all types, have found themselves battling with the damage to their businesses.

 

The government has now stepped in with a pledge to help. Prime Minister David Cameron has announced a £10 million fund to help businesses recover from the floods. Those affected by storms will now have access to funds as part of the Business Support Scheme (BSS).

They are also being given extra time to file their accounts, without being penalised. A helpline is being launched and can be reached on 0300 4563565.

 

“It is vital that small businesses affected by the flooding get assistance as quickly as possible,” explained Vince Cable, 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 BSS to assist businesses with clean up costs or help them to continue trading.”

Each business would be able to apply for a grant of up to £2,500 to help them recover from the flooding.

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