Croydon business owners needing financial support as a result of Covid-19 lockdown can now apply for a new grant of up to £10,000 provided by central government and run by the council.
Since the pandemic began Croydon Council has distributed over £60m in grants to thousands of businesses in the borough, from the personal care sector to the hospitality industry.
From today (Tuesday 16 February) the council has launched a new phase of the Croydon Additional Restrictions Grant, which makes available individual discretionary payments of £2,000 to £10,000 for businesses that apply and meet the eligibility criteria. The money is a grant, not a loan, so it does not need to be repaid.
Three of these new grants are now available to eligible local businesses: £2,000 per business with fixed property costs in Croydon of less than £1,500 per month; a £5,000 grant for businesses with fixed property costs in Croydon above £1,500 per month; and a £10,000 grant for workspace providers that offer serviced office support to small and medium-sized businesses. The £10,000 grant is available to eligible businesses whether they are currently open or not due to Covid-19.
To be eligible, your business must trade from a Croydon address, have been active on 5 January 2021, be able to prove at least a 10% income drop, and have a £15,000 annual turnover. Grants are awarded on a first-come, first-served basis.
The grant scheme is open to firms across all sectors that meet the eligibility criteria. A previous phase gave priority to the hospitality, non-essential retail, leisure and sports facilities, arts and entertainment, workspaces, venues and events management and personal care sectors.
Phase one of the Additional Restrictions Grant scheme was for businesses affected during the second national lockdown in November. If you received one of those grants, you can still apply for a grant under this new phase. Businesses that applied for the Coronavirus Job Retention Scheme and the Self-Employment Income Support Scheme or are in receipt of a Bounce Back Loan are also eligible to apply for this scheme.
To apply for the new grant, visit the council’s online resource for businesses, which includes not only information about funding opportunities available to firms affected by coronavirus but also useful advice and support for businesses of all sizes.
“Supporting businesses in our borough is really important to the council, especially during the tough times of this pandemic, and these new grants are available to all kinds of local firms.
“Whether you have benefited from a similar grant during the pandemic before or this is your first application, if your business is eligible then I urge you to please get in touch.”
Councillor Manju Shahul-Hameed, cabinet member for economic recovery and skills
You can also join 7,000 Croydon businesses and sign-up to the council’s business newsletter for up-to-date information from the council and central government, including the latest support packages. If you require additional support and advice, email: economicdevelopment@croydon.gov.uk
