Council launches new grant for innovative businesses

Croydon firms with innovative ideas to boost their business and the local post-lockdown economy can apply for up to £20,000 each from a new council grant.

From today (Thursday), companies open for business and based in Croydon can apply for this latest discretionary grant scheme, one of several run by the council since last year to support firms affected by the economic impact of the pandemic.

The funding is open to eligible local businesses from any sector, and grant amounts range from £5,000 to £20,000 depending on the scale and costs of their innovative proposal. Grants are available on a first-come, first served basis.

To qualify for the new grant, businesses must have physical trading premises in Croydon they pay a monthly mortgage or rent on (not their home address); prove they have lost a minimum 10% in income since the pandemic began; produce a costed business plan; and demonstrate that their proposal is innovative and will boost the local economy. This could be through investing in a new machine that makes the business’s products, starting online sales via a user-friendly website, or buying an electric bicycle to do deliveries.

The council will assess each application received within 20 working days, and successful applicants will receive funding within seven working days after that.

Any firms that have previously applied for other discretionary grants run by the council, including the Evening & Night-Time Economy Grant or the Additional Restrictions Grant schemes, can apply for this scheme.

Sarah Hayward, Croydon Council’s interim executive director of place, said: “Local businesses have shown creativity and resilience during Covid-19, and this can-do attitude will be important to Croydon’s economic recovery in the years ahead.

“That’s why the council is offering innovation grants of up to £20,000 for businesses with new ideas, from bringing in customers using tech to perhaps a new way of supporting staff.

“If you are based in the borough and can show you have innovative plans to support your business and the wider local economy, we look forward to reading your online application.”

To apply for the grant, visit the council website.

2021-12-31T15:26:55+00:00 April 29th, 2021|Recent news|