Helping London’s businesses in troubled times
Between March and June last year, London suffered several tragic events. There were three terror attacks and the worst fatal fire since World War II.
That’s why, on 29 June 2017, the Mayor announced a £300,000 Business Continuity Fund. This new fund supports businesses directly affected by the attacks/fire. It has already helped 50 businesses in London to mitigate distress and hardship and get back to trading.
Grenfell Tower area
Many local firms struggled in the aftermath of the fire. Some were unable to access their premises in the area that was cordoned off. The Mayor’s £50k fund has been matched by Kensington and Chelsea Council. Government also committed £100k to support businesses around Grenfell. This will help cover the cost of lost stock, rent and payment to suppliers.
Local businesses have welcomed the support. William Anderson, from Samurai Sound, said: "We couldn't trade for a month, then no one knew we had reopened. We had to issue thousands of pounds in refunds. Without the fund we would have been out of business."
Borough Market area
The market was closed for ten days. As a result, traders reported losses of £800k plus. This included perishable stock, staff costs, loss of income and damage to property and not being insured for ‘terrorism cover.
Just before Christmas, £235k from the Business Continuity Fund was distributed between 33 businesses in the area. This was done through the Borough Market Traders’ Fund. This new partnership between Borough Market, Better Bankside and United St Saviour’s Charity was set up to help affected businesses.
Nadia Stokes, from Gourmet Goat, said: “The extra financial support has alleviated an incredible amount of stress. It means we can now allocate money for all the stock we lost, honouring our agreements with our suppliers and loss of earnings.”
Paul Day, who runs Sussex Fish, said: “The money I received through the Business Continuity Fund allowed me to keep trading. As a fishmonger with a high-value product that has a short shelf life, I rely on daily business to get by.”