Grant funding to support small businesses in the District of Blaby will be handed out over a four-year period after approval from Councillors.
£336,000 of funding from Central Government has been provided following the Spring Budget 2017, which announced business ratepayers would face large increases following the loss of small business or rural rate relief.
Each district has been handed money to help businesses as they transition to the new rates.
Government guidelines proposed relief to businesses facing a 12.5% increase in their rates, for businesses with a rateable value of less than £200,000.
However, following work from Blaby District Council, this would only have used half of the allocated funds. As a result, the Council has lowered the increase rate to 9%.
Up to 170 district businesses will be eligible for the support.
All of those meeting the criteria will be contacted by the Council automatically to ensure they receive the relief they are entitled to.
Deputy Leader of Blaby District Council Councillor Maggie Wright, Portfolio Holder for Finance and Assets, said:
“I am delighted that we have been able to reduce the limit from 12.5% to just 9%. This is great news for our businesses.
“We wanted to ensure that maximum allocation of this vital funding given to us was used to minimise the impact on our vital small and medium enterprises in the district.
Eligible businesses will be contacted shortly to notify them of their grant funding, with their share for the financial year 2017/18 backdated to April 2017.
For more information on the new scheme, visit www.blaby.gov.uk or e-mail revenues@blaby.gov.uk.