Small businesses can apply for new Local Economy Business Grant
Published Wednesday, 3 June 2020
A new grant fund for local borough based businesses to support the local economy has been established and small businesses are encouraged to apply.
Grants of up to £10,000 per business are available for eligible small and micro businesses, with application process going live on Wednesday 10 June when there will be a two week window for businesses to apply. Businesses can now register their interest in applying for the Local Economy Business Grant and will then be notified when the application process formally opens next week.
The £2.4 million fund, Bromley’s share of the government’s Local Authority Discretionary Grants Fund is specifically designed for small and micro businesses who have not been eligible for previous grant funding schemes, usually because they are not paying business rates directly.
“Our borough has a strong entrepreneurial ethos which we are looking to support. There is not an unlimited supply of funding here but we want to make sure the funds go as far as they can and our criteria are designed to ensure that successful applicants will be those who will also be able to support the wider local economy. We are all too aware of the immense challenge for business and we want to give businesses the best opportunity to be ready to apply for these funds, with our Local Economy Business Grants offering potentially vital support and that is why we are publicising this as early as we can” said Councillor Peter Morgan, Executive Councillor for Renewal and Recreation.
The setting up of the Local Economy Business Grants fund follows news that in excess of £40 million has been paid to over 2700 businesses in the Borough and crucially too, that eligible businesses are still also being strongly encouraged to come forwards.
As part of creating the application criteria, the Business Support Task Force was consulted about the details, with this group including representatives from the borough’s Business Improvement Districts, the Federation of Small Businesses and the South East London Chamber of Commerce working together to ensure that businesses are supported through the immediate crisis of COVID-19, and to plan for the recovery of the local economy.
Editor’s notes :
In order to apply for a grant, businesses will need to confirm that they meet the mandatory eligibility criteria that have been set by the government, including having been trading on 11 March 2020, not being in administration, insolvent or in receipt of a striking off notice and not being in receipt of any of the following cash grants: Small Business Grant; Retail Hospitality or Leisure Grant, the Fisheries Response Fund; Domestic Seafood Supply scheme; the Zoos Support Fund; or the Dairy Hardship Fund. Further details about the eligibility criteria is available on the council’s website
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