The City of London has agreed a new £10m grant scheme to support Square Mile businesses that have been hit by restrictions introduced in response to Omicron.
The scheme will be targeted at businesses in the retail, hospitality, leisure and medical sectors, with an estimated 1,100 businesses expected to qualify for support.
The City Corporation will be contacting most businesses that qualify directly and inviting them to apply.
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.
Policy chair at the City of London Corporation, Catherine McGuinness, 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.”
