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 the 2nd May to support those businesses who are not eligible for the existing business grants scheme. This top-up fund will be administered by local councils according to criteria set out by government.
We recognise that these are very challenging times for businesses in Camden and ask for patience as we put an application process in place. Given the funding expected for each council area, it is highly likely that demand will exceed the available grants and we will have to give very careful consideration to ensure this funding can make a difference where it is most needed.
What are we doing?
We received final guidance on these criteria on the 13 May and, whilst we await final confirmation of the funding available locally for Camden, we are now beginning to finalise the details of the scheme in line with the guidelines set out by government.
We will work as quickly as possible in the coming days and weeks to put together our scheme and we would encourage eligible businesses to submit their applications in good time once the process opens. We contact businesses once the application process has been finalised, and with the details of when the fund is expected to go live. Information will also be added to these webpages.
What do I need to do?
Please wait for the application process and local criteria to be published before contacting us on this new grant scheme and we thank you for your patience in the meantime. If you have any related general queries on doing business in Camden please direct them to the economic development team at firstname.lastname@example.org