Up to £846,000 is available to support Island businesses that face the steepest increases in their business rates bills.
The funding is available via the Isle of Wight Council until 2021 and is from a central government discretionary fund.
The council has now taken a ‘delegated decision’ on the method to distribute discretionary relief to those businesses most affected and that qualify.
“This additional funding will assist small businesses on the Island by helping to cover changes in their business rates bill,” said Councillor Stuart Hutchinson, Cabinet member for resources.
“It will also support the economy and ensure that the resources made available are used in an effective way and therefore be in line with the council’s Corporate Plan.”
Businesses will need to apply for the relief and applications will be sent in due course to those that are most in need according to the discretionary rate relief policy criteria.
