Since the government announced its business support measures at the start of April, London boroughs have distributed £1.6 billion to around 108,000 businesses. To date, London businesses have received a higher share of funding than those outside the capital (96.1 per cent share of funding paid so far in comparison to the England average of 88.8 per cent).
In the week of 17 August London boroughs provided an additional 1,194 grants and £16.7 million to London businesses.
However, demand from London businesses is proving far greater than the additional funding available to boroughs. London Councils is currently undertaking a review of the discretionary grant scheme in London to better understand the additional support needed by local businesses.
There is still more to be done for businesses who do not fit the grant funding criteria set by government, especially those in the supply chain for hardest-hit sectors such as retail, hospitality and leisure. In London, an increase to the rateable value threshold would ensure more London businesses are eligible for support.
We urge any small business who thinks they should be receiving grants to visit their local borough website for further information.