Several Regional Development Agencies (RDAs) covering areas affected by the recent floods have set up schemes to assist recovery for businesses suffering losses. In most cases these take the form of grants of up to £2,500 available to small and medium enterprises applying for assistance.
Additionally, Yorkshire Forward has announced a scheme primarily for companies with more than 50 employees, offering grants of up to £100,000 with the amount available dependent on the number of employees. This scheme is intended to cover costs that will not be met by business continuity insurance. Under this scheme, companies with fewer than 50 employees will also be considered on a case-by-case basis for grants larger than £2,500.
Details are available on the RDA websites.
Several Regional Development Agencies (RDAs) have set up schemes to provide small amounts of recovery support to businesses affected by the floods. These schemes operate under the European Commission’s de minimis State Aid regulation. Aid under this regulation is restricted in the agricultural sector. RDAs can and are giving aid to agricultural businesses/farmers if they are involved in the processing and marketing of agricultural products (subject to certain exclusions) and for diversified businesses (farm shops, farm parks etc.).
The Government have great sympathy for farm businesses affected by the recent flooding. However Government policy is not to provide compensation for production losses.
Farmers have a wide range of successful risk and crisis management strategies at their disposal, including forward contracts, weather insurance, diversification and ‘self-insurance’ through saving and borrowing. An increasing number of farmers are making use of such tools and DEFRA is supporting their take up, by sponsoring risk and crisis management workshops in partnership with the industry.