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Small Businesses: Greater London

Question for Department for Business, Energy and Industrial Strategy

UIN HL12676, tabled on 27 January 2021

To ask Her Majesty's Government what assessment they have made of viability of small businesses in London; and what plans they have to provide cash grants to London-based small businesses.

Answered on

10 February 2021

The Government engages continually with business groups and local leaders in London to understand the situation faced by businesses as we take action to tackle Covid-19. Small businesses are clearly vital to the success and draw of London and we are committed to supporting them over the coming months.

More than £1.6bn in grants was paid out to over 111,000 businesses in London in respect of the Small Business Grant Fund and the Retail, Hospitality and Leisure Grant Fund between March and September 2020.

We have also provided additional funding for national and local SME advice and support, with an additional £4m provided to Growth Hubs on top of £2.4m previously announced, this includes the London Growth Hub, which has provided advice on funding and EU Transition to London SMEs.

The Government has offered an unprecedented package of support throughout the pandemic to businesses that have been required by law to close and those which are severely affected by the Covid-19 restrictions.

London business premises that are currently required to be closed may access grants of up to £4,500 per six week period of closure as well as one-off grants of up to £9,000 to help them during this difficult period.

Local Authorities have also been allocated a total of £1.6bn in Additional Restrictions Grant funding which enables them to put in place discretionary support schemes that best suit their local area allowing them to support their wider business community over and above those that are legally required to close.