Discretionary Grants Fund – Islington Council announces scheme details
10 June 2020
Islington Council has announced that the application process for businesses wishing to apply for a grant under the ‘Local Authority Discretionary Grants Fund’ will open from w/c 15 June.
The council has been awarded £2.8 million by the Government to distribute to businesses that have experienced a significant fall in income as a result of Covid-19, that have ongoing fixed property-related costs and are currently outside the scope of the existing Government business grant schemes
In line with Government guidance, the Islington scheme has been designed to primarily support:
- Small and micro businesses, as defined in the Companies Act 2006
- Businesses with relatively high ongoing and fixed property-related costs
- Businesses which can demonstrate a significant fall in income due to COVID-19.
Due to high property values, as an inner London borough, some businesses occupying property, or part of a property, with a rateable value above £51,000 will be eligible.
Having taken into account the importance of different sectors to the local economy, and the severity of impact of COVID-19 on them, the Council has chosen to focus on the following:
- Market traders and public realm vendors
- Small childcare providers
- Independent pubs, theatres, live events venues, restaurants and cafes with rateable values over £51k*, with a focus on those supporting the evening economy
- Micro/small/medium business-to-business suppliers to the leisure, hospitality and creative sectors, and occupying industrial premises
- Micro/small businesses based in affordable co-working spaces and independent workspace operators
(*Specifically in relation to Pot 3, not all of these businesses who occupy premises with a rateable value over £51,000 will be eligible. The qualifying rateable value ranges will be publicised in advance of opening of applications.)
More details on the scheme, including details of the grant sizes available and application process, can be found here:
Please Note: This Fund is being administered on a ‘first come, first served’ principal. Due to the limited funding available, the application process will only be open until the maximum number of applications are checked for eligibility and approved. The Council anticipates very high levels of demand, so they encourage businesses to apply as soon as possible once the online application portal opens.