The Southwark Council announced a new £ 3.4 million discretionary grant fund for local small businesses and market traders.
The funding is intended for small businesses that have experienced a drop in revenue as a result of the COVID-19 pandemic, but who were not eligible for other government support programs or who failed to apply for the Southwark Business Hardship Fund in April.
Grants will be allocated on an ongoing basis, depending on the needs and size of the successful applicants, until the funds are exhausted. Payments will be made as soon as possible after successful applications.
Cllr Stephanie Cryan, a member of the Jobs, Business and Innovation Cabinet, said: “Southwark is home to thousands of fantastic small businesses, many of which have fallen into the cracks of previous central government support programs. I wrote to the government in April asking them to do more and I am glad he seems to have listened, albeit late.
“Our Business Hardship Fund was launched a month after the foreclosure – one of the first in London to do so – and has received an overwhelming volume of applicants, so I am pleased that companies that have failed to apply this program can apply to the new discretionary grant fund. Local businesses are at the heart of our communities and I will continue to do everything I can to help them get through the current crisis. ”
Funding for the discretionary subsidy program has been provided by the central government for distribution by local authorities to eligible local businesses. This central government funding follows calls by the Southwark Council and others for increased financial support for small businesses, including market traders and businesses in shared workspaces.
Businesses that have received the government’s small business grant, the retail, entertainment and hospitality grant, or the Southwark Business Difficulty grant will not be eligible for the new program. However, companies or traders who have applied for the Coronavirus Retention Program, are eligible for the Self-Employed Income Support Program, or have failed the Southwark Business Hardship Program, are invited to apply for the new program.
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