City Recovery Grant Scheme

With businesses reopening and discovering the true extent of the damage caused by lockdown, The City of London Corporation has recently implemented a City Recovery Grant Scheme with a £50m fund for industries including retail, hospitality, medical and leisure. The grant is based on bringing businesses back to the Square Mile and will aid those who have a reasonable chance to survive beyond the short term. The grant will facilitate financially in areas including PR & advertising, employee salaries, business supplies etc. 

As Deputy Chairman of Licensing, I attended and celebrated the opening of the hospitality sector in the City with the Lord Mayor and Sheriffs at the start of this week. Whilst this was an extremely positive and significant event, it also highlighted the impact that the Pandemic has had on many kinds of businesses and the long road of recovery that lies ahead of us all. Empty shops are evident with a number of notable permanent closures over the latest lockdown period.

After speaking with many tenants who are on their knees struggling to pay rent and arrears it’s clear to see there is a significant risk to businesses and jobs, even more so when temporary support measures end. As a major landlord across London, The City Corporation has implemented a number of measures voluntarily within our own portfolio, to help. This includes:

•Rent deferrals, by assessment

•Rent free for ‘at risk’ tenants, by assessment

•Micro-business rent free, by default

•Turnover rents for 12 months to give certainty in terms of affordability and business planning, by assessment

Now more than ever, while the lockdown restrictions are starting to ease, it is a time for us all to come together and support one another, to show flexibility where we are able to do so, and to regroup and rebuild our City. 

To apply for a grant, please click the link and complete the application form:

https://www.cityoflondon.gov.uk/services/business-rates/business-rates-in-the-city

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