British Gas has announced its efforts to bolster support for small businesses in the UK with grants and cheaper energy contracts.
The company has introduced a £15 million fund aimed at providing grants and lower-priced contracts to assist small businesses such as pubs, cafes, restaurants, hairdressers, shopkeepers and charities.
In recent months, factors such as increased interest costs, business rates and higher energy bills have placed significant strain on these businesses.
Many businesses are grappling with contracts negotiated during a period of peak wholesale costs.
Additionally, the new Energy Bill Discount Scheme has resulted in reduced government support compared to its predecessor, further exacerbating the financial pressures faced by small businesses.
In an effort to address these concerns, British Gas has devised a solution known as the “blend and extend” contract.
This option allows eligible businesses to extend their existing contract term by 12 months, resulting in reduced rates.
By spreading costs over a longer period, businesses paying higher rates can potentially mitigate the impact of energy expenses on their operations.
Tina McKenzie, the Federation of Small Businesses‘ Policy Chair, commended British Gas for responding to their call and urged other energy suppliers to follow suit in providing small business customers with the opportunity to “blend and extend” their contracts.
This would afford them the flexibility necessary to navigate the challenges imposed by fixed tariffs from last year’s peak period.
British Gas has said it will reach out to eligible businesses in the coming months, ensuring they are informed about the availability of grants or new contract opportunities.
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