The council has made its first award of business rates relief under a new scheme set up to help support Croydon businesses.
MyPTStudio based in St George’s Walk, is the first business in Croydon to successfully apply for business rates relief after applications for the scheme opened earlier this year. The rates relief scheme aims to boost Croydon’s economic growth by supporting local businesses and enabling them to create and safeguard jobs. Helping businesses locate into the area and supporting them through difficult periods not only helps them to become sustainable in the longer term, but also supports businesses to bring empty spaces back into use.
Tom Riddick, co-founder of MyPTStudio, said: “It can be tough being a small business starting out. We knew we were offering something different, fresh and exciting, but we often struggled to get that message out there. Cash flow affects things massively, so we applied for discretionary rate relief to give ourselves the best chance possible of success. Since receiving the support, we’ve actually been able to expand our Group Personal Training programme – twice – and offer a broader range of Personal Training services. It is great the council is taking such an interest in helping small, local businesses achieve their dreams, it would have been so much harder had we started up in another borough. I’d encourage any small business who is contributing to the local community to apply.”
Local businesses could potentially save thousands on their business rates, with applications to the scheme considered on a case by case basis and up to a 100 percent discount available to applicants. As a condition of obtaining rates relief under the scheme, businesses will be required to work towards Croydon Good Employer Charter accreditation – which aims to boost Croydon’s economy by supporting the local supply chain.
Councillor Mark Watson, Cabinet Member for Economy and Jobs, said: “I am thrilled MyPTStudio has become the first business in Croydon to take advantage of the new discretionary rates relief scheme. SMEs play an important role in creating more jobs for local people, regenerating the area and developing Croydon’s economy. More and more companies are recognising the benefits of basing their business in Croydon and this scheme is just one way the council is supporting new and existing local businesses, to grow and develop to the benefit of all in Croydon.”