Business Recovery & Innovation Grants Fund
The Business Recovery & Innovation Grants Fund is available for local businesses to help them become more resilient. Businesses can apply for a one-off grant of up to £20,000 to buy equipment, websites or software to help them:
- become more resilient and innovate in a Covid-19 environment
- support larger projects or activities
- retain and employ employees
Funding must be spent on equipment that helps provide resilience and recovery for local businesses which then supports local employment and community wealth. Priority will be given to businesses that are employing local and buying local, and applications will be assessed on a first-come, first-served basis.
Who can apply?
All types of business organisations including but not limited to:
- limited companies
- community interest companies
- limited liability partnerships
- sole traders (market traders must operate a minimum of three days per week in Croydon)
- social enterprises (must be able to demonstrate a clear social mission addressed by the social enterprise)
- charities with an active trading arm
To be eligible, businesses must:
- have a registered or trading address in the London Borough of Croydon
- have been trading on the 5 January 2021 (note, this means your business must be active – your premises do not need to have been open)
- have seen a minimum 10% reduction in income (which can be evidenced)
- have a turnover of £15,000 per annum
- have a commercial lease or mortgage (ie. not be a home-based business)
Businesses not eligible include:
- companies that are in administration, insolvent or where a striking-off notice has been made would not eligible for funding under this scheme
- businesses that would exceed the state aid if given the grant
You will need the following information and evidence to complete the application and demonstrate loss in income of at least 10% as a direct result of Covid-19:
- business bank statements for the last three months for the account into which you would like the grant to be paid
- evidence of the fixed ongoing building-related costs (for example, copy of signed lease, contract, licence, membership of co-working or commercial mortgage agreement) and evidence of payment of building costs (note, costs for storage units are not eligible)
- profit and loss summary from the last 12 months (please note, we are happy to work with applicants to identify P&L, accept tax returns or consider P&L FY 2019/2020)
- company registration number or UTRN
- three purchase quotes for the equipment (two of which should be locally sourced if possible)
- your business plan for the next two years
- your Equality and diversity policy
The bank account number and sort code you provide in the application form should match exactly that of the bank statements provided as evidence.
Please provide the bank statements in pdf format. We cannot accept photographic images of statements.
Failure to provide the necessary supporting evidence will result in your application being declined.
How to apply
Complete the online application form and provide all evidence required.
Once submitted, applications will be assessed within 20 working days. Successful applicants will receive funding within seven working days of receiving confirmation of their grant.
The current deadline is Sunday 30 May at midnight. However, we reserve the right to close or pause the application process before this date, depending on demand. The council reserves the right to vary the terms of the scheme at any time, and without notice, should it be necessary to do so.