URGENT – GRANTS: First Come, First Served – Croydon Council announce additional business grants

Croydon Council announce new additional grants of up to £10k for businesses severely impacted by recent restructions.

Businesses who closed or have been severely impacted by the national restrictions in place from 5 November to 2 December 2020, may be eligible for the Additional Restrictions Grant.

Funding for this grant has been allocated to councils by the government to use at their discretion to support local businesses. In Croydon, grants to businesses with relatively high ongoing fixed business or residential property-related costs in the following areas will be prioritised:

• non-essential retail
• hospitality and leisure.
• arts and entertainment
• work space providers

These costs include rent, business property mortgage payments, and membership fees for shared work-space.

Storage costs, postal address boxes and virtual memberships are not included.

To maximise the number of businesses who benefit from this grant scheme, eligible businesses will receive one of the following awards:

• Eligible businesses with fixed property costs in Croydon below £1,500 pcm will receive £2,000
• Eligible businesses with fixed property costs in Croydon above £1,500 pcm will receive £5,000
• Work Space Providers providing serviced office support to SMEs (whether open or closed) will receive £10,000

Grants will be allocated on a first come, first served basis.

Who can apply?

All types of organisations including but not limited to:

• limited companies
• community interest companies
• limited liability partnerships (except charities)
• sole traders
• partnerships
• home based businesses are eligible to apply
• social enterprises (must be able to demonstrate a clear social mission addressed by the social enterprise)

Businesses that have applied for the Coronavirus Job Retention Scheme and the Self-Employment Income Support Scheme are eligible to apply for this scheme.

Supporting evidence

You will need the following information and evidence to complete the application and demonstrate loss in income of at least 20% as a direct result of COVID-19:

• Bank statements for the last three months for the account into which you would like the grant to be paid
• Evidence of the fixed ongoing building-related costs (for example, copy of signed lease, contract, licence, membership of co-working or mortgage agreement, building insurance documentation).
• Profit and Loss summary from April 2019 to November 2020
• Xero / Sage / Quickbooks or equivalent Balance Sheet
• Your last year’s audited accounts (if applicable)
• Company registration number
• Business rates account number (if applicable)
• Turnover for last year of audited account
• Balance sheet total for last year of audited accounts showing a monthly breakdown where possible
• Business bank account details which the grant would be paid into if successful

For further information and to apply for these additional grants, please apply here.