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New Discretionary Grants Scheme launched for small businesses in Tower Hamlets

PUBLISHED: 12:00 18 June 2020 | UPDATED: 12:16 18 June 2020

A new Discretionary Grants Scheme has been launched for small businesses and market traders in Tower Hamlets, with a July 6 deadline. Picture: Mike Brooke

A new Discretionary Grants Scheme has been launched for small businesses and market traders in Tower Hamlets, with a July 6 deadline. Picture: Mike Brooke

Mike Brooke

A new discretionary grant scheme has been set up to help small businesses in Tower Hamlets who were unable to benefit from earlier initiatives.

A new discretionary grant scheme has been set up to help small businesses in Tower Hamlets who were unable to benefit from earlier initiatives.

The grants — applications for which close at midday on Monday July 6 — will be split between market traders (10 per cent/£368,000) and all other qualifying small and micro businesses (90 pc/£3.3m).

Because of limited funding, there is strict criteria with regards to which businesses are eligible; applications are only welcome from businesses who could not avail of the small business grant fund or the retail, leisure and hospitality fund.

However, applicants to the coronavirus job retention scheme or the self-employed income support scheme can still apply for this funding.

A small business must have a turnover of less than £10.2 million, a balance sheet total of less than £5.1 million and employ fewer than 50 people.

A micro business must have a turnover of less than 632,000, a balance sheet total of less than £316,000 and employ fewer than 10 people.

Eligible enterprises must have been trading since March 11 this year.

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The government has confirmed a full award of £3,686,25, which is to be given to, and managed by, Tower Hamlets council.

As a reflection of this local level management, the council has identified certain other targeted businesses, such as charity properties and Ofsted registered childcare nurseries.

Each has specific criteria which can be found on the council’s website.

Special reservation has been made for market traders to reflect their importance to the area; the £368,000 will be given to fully-licenced traders who have been operating for a minimum of eight weeks during the first quarter of this year.

The suggested award for full-time traders is £720, with part-time traders to receive £360.

Other qualifying small and micro businesses will be award a grant commensurate with their ongoing costs and financial impact of coronavirus.

The maximum award will be £10,000.

Applicants are expected to put forward all evidence which proves eligibility, including all relevant agreements or licences and bank statements to support a drop in income of at least 25 pc.

To apply, visit this link.


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