£1m hardship fund still available for eligible Bromley businesses
Published Wednesday, 12 May 2021
Businesses in Bromley are being strongly encouraged to apply for the business hardship grant, with eligibility criteria adjusted to make it easier to apply.
The hardship grant provides funds of up to £10k for eligible businesses within the borough and is targeted at businesses who have seen a significant decrease in income over the last year. To encourage applications from smaller businesses, the requirement for businesses to have at least £50k turnover no longer applies. Also, applicants are no longer required to certify that 25 percent of their staff reside in Bromley.
Councillor Peter Morgan, Executive Councillor for Renewal, Recreation and Housing said, “Even as we look forwards to the next recovery phase, we are continuing to do all we can to help local businesses come through this dreadful pandemic. We have already supported businesses with grants totalling £tens of millions, and we do still have funds available in a hardship fund. I strongly encourage businesses to look at the eligibility criteria as there may be support here which they were not aware of which could provide useful help to their business and livelihood.”
Councillor Morgan added, “We have been working with business organisations locally, including the BID companies and I want publicly to thank them for their support and help in spreading this important message to local businesses, many of whom are owned by borough residents.”
The hardship grant is one of many schemes that the council have introduced with the government’s Additional Restrictions Grant (ARG) funding, which aims to support businesses that are not covered by other grant schemes or where additional funding may be advantageous.
Through this scheme, the council has already provided around £2m in grant funding to over 200 businesses located within Bromley. The council will continue to assess applications received to date, in the order received, until the fund is fully utilised.
The payments made through the hardship grant are in addition to the £83m of government funding distributed since the initiation of the Covid-19 pandemic in March 2020. The council recognises the importance of supporting its businesses during these difficult times and will continue to do so particularly as we enter into this recovery phase. Further details about the hardship grant are available on the council’s website, with applicants advised to submit an 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.
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