MORE than 300 Isle of Wight businesses have been allocated vital grant funding under the £2.96 million local discretionary grant scheme.

The discretionary scheme was launched on the Island on May 27 – one of the first in the region – and was briefly closed for a review of the local criteria, before reopening for a further period prior to closing on June 23.

The Isle of Wight Council has confirmed more than 300 Island businesses have benefitted.

The government scheme was designed to particularly help those businesses which had missed out under the government’s far larger initial grant fund.

The interim review of the local criteria allowed the council to ring-fence funds for additional areas such as privately run pre-schools and larger pubs.

The council’s Economic Development Team is now concluding final processing and payments.

Under the initial larger government scheme, a total of 4,053 Island businesses received grant funding, totalling £46.3 million.

The council is involved in ongoing discussions to see if local businesses which have missed out can be helped.