£1 million fund for local business grant scheme

Businesses in Beckenham are being encouraged to apply for a new business innovation grant of up to £10,000, with the deadline for submissions ending on April 12.

The money is part of a £1 million business innovation grant scheme, which is funded by the Additional Restrictions Grant from central government, and is intended to support business during the COVID-19 pandemic and aid recovery.

The launch of the fund follows feedback from businesses suggesting that support for innovation would allow businesses to diversify or ‘pivot’ their offer to respond to post-COVID challenges. This could result in new products or services; new or improved business processes; changes in the way products are marketed; or the introduction of new technology. Additional support is available to complete the application, if required.

Interested applicants must be able to demonstrate a deliverable and well considered business plan, with applicants needing to apply on or before the April 12 deadline. All applications received will then be assessed in line with the eligibility criteria, with successful applicants then being contacted about a grant award.

Further details about the business innovation grant are available on the council’s website, with applicants advised to submit an online application.

Councillor Yvonne Bear, executive assistant for renewal, recreation and housing at Bromley Council, said: “We have distributed over £67 million of government funding to businesses across the borough and there is more to come. Part of what we are looking to do is support businesses who want to adapt their business model in the light of their experience in this pandemic period. It may be by investing in a certain area that businesses can expand, diversify or change their existing business and make it more successful.

“We know from our discussions with businesses that the pandemic has hindered the way many businesses operate and potentially with targeted investment, these businesses could thrive again, particularly as we move into a recovery phase. However small your business, if you are a business based in the borough with an idea for innovation, then this grant fund may be for you and I encourage you to look at the application details.”

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