August 26, 2011
Business owners whose premises were damaged during the riots are to receive financial support to help them continue trading, following the launch of a £3-million recovery fund.
The nationwide High Street Fund, backed by the Prime Minister and London Mayor Boris Johnson, will offer cash support to small firms struggling to get back on their feet following the disturbances. It is hoped that emergency grants will help businesses to continue trading before insurance payouts or other funding comes through.
Business groups welcomed the initiative, saying it would provide vital support for small firms hit by lost trade. “The local high street is central to all communities and so it is important that businesses are able to get up and running as soon as possible,” said Federation of Small Businesses national chairman John Walker.
To apply, business owners will be asked to describe the damage to their premises and how the fund would help them.
The launch of the fund follows the Government’s recently announced £20-million High Street Support Scheme. This will be distributed by councils to help repair buildings and give business rates relief to firms affected by the riots.