Businesses from across the borough with a rateable value of £51k or more will now be entitled to a £10,000 grant as new plans to support businesses locally were unveiled.
Cllr Manju Shahul-Hameed, Cabinet Member for Jobs and Economy announced the plans at a full council meeting on 13th July 2020:
“Today I am announcing a further discretionary business grant to raise the bar for businesses above the rateable value of £51k. Croydon BID has run #RaiseTheBar, a national campaign to support these businesses, one Croydon Council supports and we are pleased to extend this grant to busineses across all sectors.”
Croydon Council have confirmed that further announcements are expected shortly as to the detail surrounding the new discretionary grant. The extended grant, when released, will be open on a first come, first served bases.
Matthew Sims, Chief Executive and co-founder of #RaiseTheBar said:
“I am pleased to see that the strength of the #RaiseTheBar ask, both locally and nationally, to support businesses with a rateable value of £51k+ has been recognised in this way. With many of our businesses being closed for over 100 days with mounting costs and increased debt burdens, the support shown by Croydon Council is welcome. We are now urging our local businesses to apply for this additional fund and access the financial support they deserve and need.”
“Our economy, both locally and nationally, is experiencing unprecedented times and our call on the Government to increase the rateable value threshold from £51k to £150k remains ever more important as thousands of other businesses remain excluded.”
Andrew Taylor, Owner of Mr Fox Croydon and co-founder of #RaiseTheBar said:
“This is a positive step forward and one we absolutely welcome. We are more than just a small local business employing local people; we are part of the community. Like many, our business has been placed under considerable strain and although we are open, consumer confidence is low and therefore access to financial grants such as these are vital for our survival.”
#RaiseTheBar has been lobbying for greater support for 54,638 businesses from pubs to shops, restaurants, cafes, bars, hotels, galleries and gyms that are currently unable to access the Retail, Hospitality and Leisure Grant. The national campaign, supported by national trade bodies including UKHospitality, British Beer and Pub Association, Greater London Authority, London Chamber of Commerce, Night Time Industries Association and others has been calling on Government to increase the rateable value cap from £51,000 to £150,000.