Innovative grant schemes to build business resilience

Published

Residents and businesses in the Royal Borough will benefit from an innovative approach to supporting the local economy using the remaining Additional Restriction Grant (ARG) funding from the Department for Business, Energy and Industrial Strategy. 

A grant is being offered to eligible businesses in the borough who either create a new or extended Advantage Card discount on a product or service. 

Two levels are available - £5,000 for businesses offering 20% to 39% off, and £10,000 for a discount of at least 40%. Applications can be made until 31 March 2022, funding permitting.

Applications are open to a wide range of business, including business coaches, marketers, web designers, accountants and virtual assistants who are well-placed to help build business resilience, keeping a flow of local spend and helping to develop new partnerships in the borough.

The council is also offering an Innovation Grant scheme, awarding £15,000 to eligible businesses that demonstrate digital innovation, differentiation, and resilience. The objective of the grant is to help businesses focus on how they can be sustainable, and innovative to cope with future disruptions. Digital innovation, for example, could mean online collection or self-service systems. 

Councillor Andrew Johnson, the council leader and cabinet member for business and economic development, said: “These two grants are designed to support the local economy by focussing on different and innovative ways of providing goods, services and experiences, while creating more discounts that benefit local people and incentivising them to support local businesses.

“Putting together offers from business specialists is a wonderful way for us to encourage partnership working between retail and business services, build new relationships and develop knowledge and skills for growth. It is also beneficial to our residents who are Advantage Card holders giving them access to yet more great discounts in the borough.”

Councillor Johnson added: “We want our local businesses to be more sustainable in the face of disruption. Covid has shown us how quickly businesses can, and need to, adapt to changing circumstances. Creating strength and resilience in the way a business is structured will help us all grow in an ever-changing economy.

“We are also offering business support training, as well as a business engagement hub to provide resources to help the community thrive and collaborate. We want to see a growth in businesses supporting each other.”

A business may qualify for an Innovation Grant where it attends at least 50% of the Lunch and Learn training sessions sponsored by the Royal Borough and achieves a score of 15+ points across the award criteria. 

Sign up for training at https://myroyalborough.com/training.

For more information about the Additional Restriction Grant and Innovation Grant and the full eligibility criteria, which applicants should read before applying, please visit: https://www.rbwm.gov.uk/home/council-and-democracy/contact-us/coronavirus-information-and-support/business-support/covid-19-business-grants  

In the first instance, for the Additional Restriction Grant, contact Kathryn.harlow@rbwm.gov.uk to confirm an Advantage Card discount.