A new scheme to help the manufacturing sector in East Lindsey by giving a refund on business rates of up to 50%, has praised as ‘another weapon in the armoury of the district council’.
The Manufacturing Growth Incentive Scheme, approved at Full Council this week, will see £750,000 put aside from the authority’s Economic Growth Reserve.
Councillor Adam Grist said manufacturing was a very important area of local economy with more than 400 businesses in that sector employing around 4,500 people.
Across the whole of Greater Lincolnshire the sector contributes £3.4 billion to the economy.
He said: “What we want to do is have some weapons in the armoury to take to businesses to offer to business to help them invest and grow in this district.”
The scheme would see businesses, with a minimum rateable value of £12,000 receive 50% refunded from their business rates in year one, 40% in year two and 30% in year three.
He said the latest move will add to other schemes such as the Business Grant and the Shop Front Grant.
He said the authority had been given the flexibility to offer such a discount through the Localism Act.
“Manufacturing faces a great deal of challenges. Its tough being manufacturer in the UK and in this part of the world because of the geographic challenge they face.”
He said in Lincolnshire this was harder than in other parts of the country and that the council wanted to help businesses ‘thrive, grow and prosper’.
Councillor Steve Kirk, supported the proposal and said it was about helping East Lindsey grow. He said it was a ‘no brainer’.
East Lindsey follows North Kesteven District Council in offering a similar scheme.
The deadline for applications will be February 28, 2020.