£10m grant scheme to help Covid-hit City of London businesses

Hospitality businesses in the City of London will be able to apply for grants of up to £12,000 through a new scheme set up to help small venues hit by coronavirus restrictions.

The City of London Corporation has launched a scheme worth up to £10m to support the hospitality, retail, leisure and medical sectors.

An estimated 1,100 businesses are expected to qualify for support within the Square Mile, which has seen footfall drop following the government’s work from home order.

The City of London Corporation said businesses with lower and medium rateable values will receive higher levels of funding on the basis that they may be more at risk and less able to cope with the reduction of “in person” trade.

Businesses with a rateable value up to £51,000 will be eligible for a grant of £12,000. Those with a rateable value over £51,000 will be eligible for a payment of £5,334.

Catherine McGuinness, policy chair at the City of London Corporation, said: “Many businesses in the Square Mile rely on footfall from office workers. They have faced exceptionally difficult trading conditions during the pandemic, with the reintroduction of guidance to work from home last month yet another disappointment after nearly two years of challenge.

“This scheme will provide some much-needed support for sectors that have been particularly hit by the recent restrictions.

“But financial support alone is not enough. We also ask the government to set out a clear roadmap to normality so that we can get people back to their Square Mile offices as soon as possible.”

The grant will run in tandem with the government's Omicron Hospitality and Leisure Grant scheme and will be accessible through the same application process.

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.

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