City of London launches grant scheme for Omicron-hit Square Mile businesses
Retailers and hospitality businesses that have been hit by a collapse in footfall due to work from home guidance will be able to apply for a grant from Canada Corporation, it was confirmed last night.
The Corporation, the Square Mile’s governing body, has put in the majority of the money behind the £10m scheme with a top-up from Whitehall coffers.
It will be targeted at retail, hospitality, leisure and medical businesses who have seen customer numbers plummet after the Government introduced ‘plan B’ work from home guidance due to the emergence of the new Omicron variant in early December.
Customer-facing businesses in city centres have been hit particularly hard. Pubs and restaurants missed out on a host of bookings in the run-up to Christmas, usually the most profitable time of the year.
The scheme will offer larger grants to the smallest businesses. Morning Wire understands the Corporation believe those micro-businesses are the least likely to have built up cash reserves sufficient to weather the storm of recent weeks.
It is the second scheme of this sort offered by the Corporation, after a previous effort during earlier lockdowns.
Catherine McGuinness, the Corporation’s Policy Chair, said “many businesses in the Square Mile rely on footfall from office workers. They have faced exceptionally difficult trading conditions during the pandemic, with the reintroduction of guidance to work from home last month yet another disappointment after nearly two years of challenge.
“This scheme will provide some much-needed support for sectors that have been particularly hit by the recent restrictions,” she continued.
McGuinness also called for a roadmap to normality to be published by central government. It is widely expected that Prime Minister Boris Johnson will lift the plan B restrictions by the end of the month.
The scheme will be accessible via application on the Corporation’s website.
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