City of London launches Covid-19 recovery scheme for SMEs

The City of London Corporation has agreed to launch a new grant scheme to support Square Mile businesses that have been affected by restrictions introduced in response to the Covid-19 Omicron variant.

The scheme of up to £10m will be targeted at businesses that primarily operate in the City of London’s retail, hospitality, leisure and medical sectors.

SMEs will receive higher levels of grant on the basis that smaller businesses may be more at risk and less able to cope with the reduction of in-person trade.

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.’

An estimated 1,100 businesses are expected to qualify for support. Only businesses that were in occupation on 1st 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.

In 2021, the City Corporation launched a Covid Business Recovery Fund which paid out millions to Square Mile SMEs before closing last summer following the easing of Covid-19 restrictions.

All firms that previously received support from this fund will be contacted directly about the new scheme by the City Corporation’s finance team.

In related news, if London is to become net-zero by 2030, bold action is urgently required to cut congestion and reduce air pollution, according to a new report. 

Photo by Dan Burton