The City of London Corporation launched a Covid SME Business Recovery Fund of £50 million on 4 March to support SME businesses which contribute to the Square Mile’s vibrancy at street level and directly provide services to returning City workers, visitors, and residents. The deadline for applications to the Fund have been extended until 30 June 2021. For more information click here.

The City of London Corporation has agreed to launch a new £10 million grant scheme to support Square Mile businesses that have been hit by restrictions introduced in response to the Covid-19 Omicron variant.  The support is targeted at businesses that primarily operate in the City of London in the retail, hospitality, leisure, and medical sectors.

An estimated 1,100 businesses are expected to qualify for support. Only businesses that were in occupation on 1 April 2021 and have been in occupation continuously since this date will be eligible to apply for a grant. The City Corporation will be contacting most businesses that qualify directly and inviting them to apply for this support through an online application process. Other businesses will also be able to apply via the City Corporation website.

The majority of funding will be provided by the City Corporation, with additional financing provided through the Government’s Additional Restrictions Grant. If a business operates from more than one location in the City, they will qualify for a grant for each location.

The scheme goes further than the Government support being offered through the Omicron Hospitality and Leisure Grant scheme which excludes retail and some personal service sectors from the scheme. The two grant schemes will run in tandem and will both be accessible through the same application process.

Businesses with lower and medium rateable values will receive higher levels of grant on the basis that SME businesses may be more at risk and less able to cope with the reduction of “in person” trade.

• Businesses with a rateable value of £15,000 or under will be eligible for a grant of £12,000.
• Businesses with a rateable value of over £15,001 and less than £51,000 will be eligible for a grant of £12,000.
• Businesses with a rateable value of £51,000 and over will eligible for a payment of £5,334.

The Court of Common Council, the City of London Corporation’s main decision-making body, has today (4 March) agreed to create a new Covid Business Recovery Fund of up to £50 million.

At a virtual meeting, elected Members decided unanimously that grants from the Fund will be made available to small and independent retailers and hospitality businesses together with those providing clinical and professional services (e.g. dentists and opticians) necessary for the successful return of all those who work in businesses in the City.

Businesses applying for support from the Fund will be expected to demonstrate that they are capable of surviving on a viable and going concern basis and that owners have taken other steps to maintain their viability including, where possible, making financial contributions to their own business.

Grants from the Fund would normally be dependent on the businesses receiving substantial financial support (not just rent deferrals) from their landlords.

A report will be brought forward to a meeting of the Policy & Resources Committee and/or the Resources Allocation Sub-Committee – which, together, will be responsible for the Fund and its deployment.  More news ahead, with applications in April and disbursements likely in May.