Kensington and Chelsea Council has given out business grants to over two-thirds of eligible businesses since government support measures were first announced, as well as passing on the benefit of business rates relief and introducing measures of its own.
Around £231m in business rates relief has been recorded by the Council for over 3,000 RBKC businesses. Grants are continuing to be paid to eligible small businesses and those in retail, leisure and hospitality. So far, grants have been paid to 1,692, 68% of those eligible, totaling around £32m.
The Council created its Business Interruption Fund to provide a safety net after hearing from business owners in the borough that some were “falling through the cracks”, as they sit just outside the remit for Government support schemes .The £500,000 fund is available for small businesses or sole traders based in Kensington and Chelsea to cover essential costs, if they have been unable to secure any other kind of financial support.
Since launching two weeks ago, the Council has paid out over a quarter of the Fund, a total £127,500 to 31 local businesses.
Cllr Catherine Faulks, Lead Member for Skills & Enterprise said, “It is a top priority for us to ensure that the business owners and self-employed in our borough retain their livelihoods during this challenging time.
“As well as ensuring we deliver and direct people to support available through the government, we’re also providing our own Business Interruption Fund to help small businesses survive when they can’t access other financial help.
“This is vital to those who are slipping through the cracks and we’re doing what we can to help them to cover essential costs, from restaurants, to garages, and tailors to dry cleaners.”