It is welcomed that a new fund worth over £3.5 million is being made available to small and medium-sized businesses in need of emergency financial help following the recent riots.
The High Street Fund is a charitable fund offering immediate cash support to help smaller businesses that suffered from the disturbances. It is made up of £3million from Barclays, BP, Capita, Deloitte, Lloyds Banking Group, RBS and Santander and another £500,000 made available by the Mayor of London Boris Johnson. The Mayor’s contribution will be ringfenced for London businesses. The companies and City Hall will also offer support services and expertise to help the businesses recover.
The London Boroughs of Barnet, Brent, Bexley, Croydon, Merton, Redbridge and Tower Hamlets have contributed £30,000 each to the High Street Fund and Richmond, Haringey, Enfield, Lewisham and City of London have each contributed £50,000.
Boris Johnson, said: “I have seen at first hand businesses showing remarkable resilience and true fighting spirit. However, it is no secret that many high streets in the capital are still suffering as a result of the appalling events earlier this month.
“Small businesses need urgent help to repair damage and get goods back on the shelves and the High Street Fund will help to do just that. I have absolutely no doubt that if we pull together and give our support to the fund we can ensure that London emerges as a stronger and even more prosperous city than before.”
The rapid-response High Street Fund is in addition to the Mayor’s £50 million London-wide regeneration fund to invest in larger scale rebuilding projects to restore and improve all areas affected by the riots, as well as the £20 million London Enterprise Fund secured by Boris Johnson from central government and earmarked specifically for Croydon and Tottenham to support improvements such as rebuilding properties, providing business rate relief, investing in transport infrastructure and supporting local employment.
Mr Johnson has been meeting and listening to residents and business owners in the worst hit areas of the capital, including Clapham Junction, Croydon, Enfield, Tottenham, Ealing, Stoke Newington, Peckham, Hackney, Lewisham, Woolwich and Walthamstow.
For more information on the High Street Fund and how to apply for assistance, please visit http://www.thehighstreetfund.co.uk/
For further details of the £50 million London-wide regeneration fund and the £20 million London Enterprise Fund for Croydon and Tottenham, please visit: http://www.london.gov.uk/