Sponsoring Agency: City of London
Type of Fund: Grant
Deadline Available: Available
Deadline Date (mm/dd/yyyy): 06/11/2021
Size of the Fund: USD $50,000 to $500,000
The City Court of Common Council has agreed to create a grant fund for City SME Businesses that have been impacted by the Covid-19 Pandemic. The scheme is designed to support businesses which contribute to the City’s vibrancy at street level and directly provide services to returning City workers, visitors, and residents. The necessary infrastructure for a successful City has been affected by enforced closure or low footfall and this scheme will seek to support those businesses that can evidence, through the grant application process, a likelihood that with support they have a reasonable chance to survive beyond the short term.
The scheme is entirely discretionary, and the City is permitted to use its own local knowledge based on economic need to determine qualification criteria.
• Grants will be based on the individual business requirements after a financial evaluation but will not exceed £100,000 per business. In exceptional circumstances and/or if the business operates from more than one location this amount may be increased.
• Grants will either be paid as an immediate up-front payment or spread over not more than two payments. The second payment may be subject to a further light touch financial evaluation. The final payment will be paid not later than 31 January 2022.
• The City is aiming this support at SME businesses that have their trading premises primarily in the City of London and who serve the general public through an in-person service in the following sectors:
o medical (e.g. doctors, physiotherapists, dentists, opticians)
• The business does not need to be a business ratepayer but if not a ratepayer then the business must be delivered at street level, at a fixed location, contribute to the vibrancy of the street scene and contribute to increased footfall within the City.
• Through an application and financial evaluation process, applicants will be required to demonstrate the following:
o the business has had its trading premises in the City of London since at least 20 March 2020 with businesses that have signed leases prior to this date being eligible.
o the business is currently operational and trading or will be trading once restrictions are lifted.
o that the business has suffered a significant financial impact directly attributable to the Covid-19 Pandemic.
o that it remains viable and that it has a reasonable chance of surviving in the short term.
o the business has taken steps to reduce its costs as far as practical and has taken up all available grants/loans.
o the business has actively engaged with its landlord and agreed a rent-free period or a reduction in rent.
o that prior to 20 March 2020 the business satisfies at least 2 of the following 3 criteria and pays the National Living Wage.
Turnover: Less than £5m
Employees: Fewer than 50
Net Assets: Less than £250k
o that the business has registered with the City of London Covid Compliant Accreditation Scheme
Businesses that provide the following services:
• Financial services (e.g. banks, building societies, cash points, bureaux de change, short-term loan providers, insurance companies/brokers)
• Professional personal services (e.g. solicitors, accountants, insurance agents/financial advisers, recruitment agents)
• Businesses that are not wholly or mainly serving city workers, residents or visiting members of the public.
• Businesses that are not wholly or mainly reliant on in-person services
• Businesses that are wholly or mainly providing business to business commercial trade.
• A business that has ceased trading, is in liquidation, in administration or dissolved.
More information at: https://www.cityoflondon.gov.uk/services/business-rates/business-rates-in-the-city/city-of-london-recovery-grant-fund