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Small businesses can apply for new Local Economy Business Grant

Added on: 4th June, 2020 by O1

Small businesses can apply for new Local Economy Business Grant

Last Updated:
Tue, 9 June 2020

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The new £2.4 million fund for small businesses is Bromley’s share of the government’s Local Authority Discretionary Grants Fund, 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.

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.

Councillor Peter Morgan, Executive Councillor for Renewal and Recreation, said, “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.”

The Borough's Business Support Task Force comprised of representatives from the borough’s Business Improvement Districts, the Federation of Small Businesses and the South East London Chamber of Commerce, was consulted on the criteria, which was created inline with the government's specific guidance on the type of businesses the fund should target.

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.

For further information or to express your interest in the grant, CLICK HERE.

You can read the Local Authority Discretionary Grants Fund Guidance HERE.

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