Deadline almost up for small business Local Economy Business Grant

Businesses are being reminded that the deadline for completed Local Economy Business Grants has almost arrived.

The final deadline for businesses to submit their applications is Tuesday 23 June, with applications able to be submitted until 23:59 hours on 23 June.

Already over 150 small or micro businesses have applied and these applications are being assessed and more applications are being encouraged.

Businesses with fixed property costs that have suffered a significant loss of income as a result of COVID-19 are encouraged to apply and grants of up to £10,000 per business are available, with the online application process meaning applications can be submitted anytime up until Tuesday 23 June at 23:59.

“Whilst we are encouraged by the applications we have already received, we do not want anyone to miss out who may be eligible.   Even if you do not have a small business but know someone who does, who lives in the Borough, you may want to draw this to their attention so they can see if they are eligible.  If you need help in applying or have questions, there is still time to ask before it is too late and therefore, please get in touch” said Councillor Peter Morgan, Executive Councillor for Renewal, Recreation and Housing. 

The £2.4 million fund, Bromley’s share of the Government’s Local Authority Discretionary Grants Fund is 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.

In addition to the two week period for businesses to apply for the Local Economy Business Grant, advanced notification of the application window meant that some applications were received on the first day the scheme was launched.  In addition to general marketing of the scheme, businesses have also been contacted directly to alert them to the scheme and encourage applications.

As part of creating the application criteria, the Business Support Task Force was consulted about the details, with this group including representatives from the borough’s Business Improvement Districts, the Federation of Small Businesses and the South East London Chamber of Commerce working together to ensure that businesses are supported through the immediate crisis of COVID-19, and to plan for the recovery of the local economy.