The Court of Common Council, the City of London Corporation’s main decision-making body, has today (4 March) agreed to create a new Covid Business Recovery Fund of up to £50 million.
At a virtual meeting, elected Members decided unanimously that grants from the Fund will be made available to small and independent retailers and hospitality businesses together with those providing clinical and professional services (e.g. dentists and opticians) necessary for the successful return of all those who work in businesses in the City.
Businesses applying for support from the Fund will be expected to demonstrate that they are capable of surviving on a viable and going concern basis and that owners have taken other steps to maintain their viability including, where possible, making financial contributions to their own business.
Grants from the Fund would normally be dependent on the businesses receiving substantial financial support (not just rent deferrals) from their landlords.
A report will be brought forward to a meeting of the Policy & Resources Committee and/or the Resources Allocation Sub-Committee – which, together, will be responsible for the Fund and its deployment.
Jeremy Mayhew, Chairman of the City of London Corporation’s Finance Committee, said: “We are committed to supporting the Square Mile’s economic recovery from this pandemic and building back better. This Fund will be used to help businesses across the City that have faced exceptionally challenging trading conditions for months.”
Support for businesses
The City of London Corporation has provided support to tenants throughout the Covid-19 pandemic. This has included rent deferrals, rent holidays and offering rent to be charged on a turnover basis for certain tenants based upon need. Further information on support available for businesses in the Square Mile can be found here.