Businesses in Croydon that were forced to shut during the second lockdown are being encouraged to apply for a grant of up to £10,000.
Croydon Council announced it had received a £7.7 million discretionary grant to share among the borough’s firms earlier this month.
Launched by the Government to help local authorities tackle the impacts of Covid-19, the Discretionary Grant Scheme has been given to councils to supplement the Small Business Grant Fund.
Cabinet member for economic recovery and skills, Cllr Manju Sahul-Hameed, said: “Small businesses across the borough have been really affected by the economic impact of Covid-19.
“This latest funding will particularly help with big fixed costs such as premises rent and mortgages without needing to pay us back for the grant.
“As well as supporting local small firms to pay their bills now, we are also dedicating a chunk of this funding to boost their business planning in the New Year.
“I would urge local people who think they may qualify to get in touch so we can help.”
The Additional Restrictions Grant is being split into two segments. The first will see £3.5 million distributed among eligible companies needing to cover urgent costs in December.
The remaining funds will be made available in January, allowing businesses to invest in any new equipment or technology that will aid in future growth.
Non-essential retail, leisure, personal care, sports facilities and hospitality businesses are expected to be prioritised.
Eligible businesses must have a trading address in Croydon and been actively trading on 4 November before being forced to close as a result of the second national lockdown.
Grants will be awarded by the Council on a first-come, first-served basis, ranging from £2,000 to £10,000.
Those eligible under for a grant must be able to prove that a business is their main source of income and lost at least 20% of their income as a result of Covid-19.
Croydon Council recently announced that it has also received a separate £5.85 million share of the Government’s Local Restrictions Support Grant for local companies.
Under the scheme, firms that pay local business rates and were closed as a result of the second lockdown can qualify for up to £3,000 paid as a one-off grant to cover the 28-day period.
If you are a small business in Croydon and in need of a business grant, you can visit the council’s website for more details.
Applications for the Additional Restrictions Grant close 31 December.
And you can read more about the current financial situation of Croydon Council here.
Featured image credit: Robin Webster, Geograph