£1m fund for business innovation grants for Bromley businesses

Published Friday, 12 March 2021

Businesses in Bromley are being encouraged to apply for a new business innovation grant of up to £10k, with the application window now open for one month.

This latest grant is designed to help support businesses planning to introduce new ideas or changes to improve their business.

The launch of the fund follows feedback from businesses suggesting that support for innovation would allow businesses to diversify or ‘pivot’ their offer to respond to post-COVID challenges. This could result in new products or services; new or improved business processes; changes in the way products are marketed; or the introduction of new technology. Additional support is available to complete the application, if required.

Councillor Yvonne Bear, the borough’s business champion and Executive Assistant for Renewal, Recreation and Housing said, “We have distributed over £67 million of government funding to businesses across the borough and there is more to come. Part of what we are looking to do is support businesses who want to adapt their business model in the light of their experience in this pandemic period. It may be by investing in a certain area that businesses can expand, diversify or change their existing business and make it more successful.”

Councillor Bear continued, “We know from our discussions with businesses that the pandemic has hindered the way many businesses operate and potentially with targeted investment, these businesses could thrive again, particularly as we move into a recovery phase. However small your business, if you are a business based in the borough with an idea for innovation, then this grant fund may be for you and I encourage you to look at the application details.”

The £1m business innovation grant scheme is funded from the Additional Restrictions Grant funding from central government, which is intended to support business during the COVID-19 pandemic and aid recovery.

Interested applicants must be able to demonstrate a deliverable and well considered business plan, with applicants needing to apply on or before 12 April 2021 deadline. All applications received will then be assessed in line with the eligibility criteria, with successful applicants then being contacted about a grant award.

Further details about the business innovation grant are available on the council’s website, with applicants advised to submit an online application.

Interested businesses wanting to know when other business grant schemes become available are advised to subscribe to the business newsletter www.bromley.gov.uk/business where details of new grants will be outlined when they are available.

ENDS

For media enquiries, please contact Andrew Rogers, Communications Executive, on 020 8461 7670 or email andrew.rogers@bromley.gov.uk.