Mansfield District Council Economic Growth Plan has established the need to create the right environment so that established small to medium sized businesses (SME’s) can invest in their growth potential and be supported in doing so.
Among the various costs and challenges businesses face, is the need to expand to larger or new premises and subsequent Business Rates. The increased liability caused as a result of growth is a key consideration for business and can in some instances hold back good companies from expanding.
In order to help businesses achieve their growth potential the council has introduced a new scheme to grant discretionary rate relief to help high-growth businesses to expand and attract inward investment.
The aim of this Discretionary Business Rate Relief Scheme is to help create the right environment for businesses to achieve their growth plans, create jobs and contribute to the economic development of Mansfield.
The scheme is split into two themes:
- Supporting high-growth businesses.
- Attracting inward investors.
Businesses can apply for relief through a competitive application process. Awards are discretionary and fitting the criteria does not automatically trigger relief.
Any successful application is applied against the net bill after all other reliefs are taken into account. All aid offered is done so through the State Aid De Minimis Regulations and therefore the maximum amount of aid available to any enterprise is 200,000 Euros within a three year period.
Each theme has its own qualifying criteria and variable amounts of relief may be awarded. The scheme is only available to premises being occupied with a rateable value greater than £51,000 per annum.
The scheme is only available to small to medium sized businesses based in Mansfield or wishing to locate to Mansfield.
Businesses applying for relief must have been trading for a minimum of three years with growth potential. Businesses can apply to one theme only in a single application.
An application will only be accepted from tenants of a new site development or new expansion. Submission for an existing empty or previously occupied commercial property is not eligible.