£10.1m grant strategy approved to support businesses as pandemic continues
- Credit: Archant
More than £10million in grants and support activities will help Newham businesses affected by Covid to adapt and recover as the pandemic continues.
A new strategy approved by the council cabinet shows additional restrictions grant (ARG) money will be handed out in phases, as the £10.1million covers the period until March next year and any further lockdowns.
Councillor Gen Kitchen, deputy cabinet member for community wealth building, said: “The human cost of this pandemic has been truly appalling, and includes the impact on our businesses and employment.
“As we gear up for the recovery phase of our ‘Towards a Better Newham’ plan to emerge from the pandemic, one of this administration’s top priorities is to preserve jobs and drive forward employment opportunities for our residents.
“These grants could prove a real lifeline for many.”
Almost £150million in grants has been distributed to businesses since the pandemic began, the town hall says.
More than 4,000 have received mandatory grants, at least 600 were awarded discretionary grants and 2,570 have benefitted from rates relief.
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The council is now distributing the ARG, which will cover businesses not eligible for the local restrictions support grant (LRSG).
It's being distributed in four phases, with £5.6million of it to be later allocated to businesses forced to close or impacted by restrictions as a result of further Tier 3 and 4 periods and national lockdowns.
The council has set aside £500,000 to help business grow, invest and develop in the borough.
It will work with partners such as social media companies, business associations, HR experts and procurement advisers.
Cllr Kitchen added: "I would like to pay tribute to the Newham business and enterprise team, which was rapidly expanded at pace at the beginning of this pandemic to help and support our companies.
"They have helped businesses access the vital financial aid they so desperately needed to survive the various stages of lockdown and restrictions."
Visit www.newham.gov.uk/coronavirus-covid-19/support-businesses/3 to find out more about the grants that are available.