There are two grant funding schemes, the Small Business Grant Fund and the Retail, Hospitality and Leisure Grant Fund.
If you received small business rates relief as of 11 March 2020, you’ll be eligible for a Small Business Support Grant Fund payment of £10,000. This includes those in receipt of tapered relief (where your rateable value falls between £12,000 - £15,000). We will not make awards retrospectively, where the relief is not currently in place, except in exceptional circumstances.
Properties whose liability is calculated using the small business multiplier (where your rateable value is above £15,000, but below £51,000) but are not in receipt of small business rates relief, will not qualify for this grant.
If your business is in the retail, hospitality or leisure industry, you’ll be eligible for a grant payment through the Retail, Hospitality and Leisure Business Grant fund. If your rateable value is £15,000 or less, you’ll be entitled to a grant of £10,000. If your rateable value is greater than £15,000 and less than £51,000, you’ll be entitled to a grant of £25,000. State Aid limits are applied, meaning they are capped at an 800,000 euro limit per company.
More information on the two grants is available on the government website.
What we are doing
So far the council has made 1,549 awards of the £25,000 government business grant, totalling £38.75m. Staff from the business rates team are currently processing the forms already received from the remaining eligible businesses for both the £10,000 and £25,000 grants.
What you need to do
If you pay business rates by direct debit or where we already hold your bank details, the grant will automatically be transferred into your bank account so you don’t need to do anything. If you have not received a grant please share your bank details with us by filling in this form so that we can make the payment or call us on 020 7974 6460.
New discretionary grant fund
The government announced a new discretionary grant fund on Saturday 2 May to support those businesses who are not eligible for the existing business grants scheme.
What are we doing?
We have been allocated £3.64m for this grant scheme but we know from information you have given us via our business survey that it is highly likely that demand will exceed the available grants so we have had to give very careful consideration to ensure this funding can make a difference where it is most needed. As a result we will be focusing on:
- Small and micro businesses
- Businesses with relatively high ongoing fixed property-related costs and/or
- Businesses which can demonstrate that they have suffered a significant fall in income due to the COVID-19 crisis
And in particular businesses within shared workspaces, severe hardship cases and market traders.
Grants for shared workspace occupants will be fixed at £10,000 per successful applicant and £1,000 for market traders. For those applicants claiming severe hardship we will determine the grant amount based on need, up to the maximum £25,000 allowed. At this stage we expect to have only one round of grant funding but should any funds be unallocated we will open up for further applications.
Please note that businesses are not eligible for this grant if:
- they qualify for the existing small business grant fund or the retail, hospitality and leisure grant fund
- they are in administration, insolvent or where a striking off notice has been made
- they were not trading on the 11 March 2020
What do I need to do?
Applications to the fund closed at midday, Friday 19 June.
We will start making payments from Friday 26 June at the earliest.
If you have any related general queries on doing business in Camden please direct them to the economic development team.