New grant scheme launched to support City of London businesses

The City Corporation scheme of up to £10m will be targeted at businesses that primarily operate in the City of London, including those in the hospitality sector. 

Businesses with lower and medium rateable values will receive higher levels of grant on the basis that SME businesses may be more at risk and less able to cope with the reduction of 'in person' trade.

Those with a rateable value of up to £51,000 will be eligible for a grant of £12,000; and businesses with a rateable value of £51,000 and over will eligible for a payment of £5,334.

Only businesses that were in occupation on 1 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​​.

The majority of funding will be provided by the City Corporation, with additional financing provided through the Government’s Additional Restrictions Grant. If a business operates from more than one location in the City, they will qualify for a grant for each location.

“Many businesses in the Square Mile rely on footfall from office workers," says Catherine McGuinness, policy chair at the City of London Corporation.

"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.”

The grant scheme will run in tandem with the Government's own Omicron Hospitality and Leisure Grant scheme, which entitles hospitality firms to a grant of up to £6,000 per premises​​, and both be accessible through the same application process.

An estimated 1,100 City of London businesses are expected to qualify for support.