£65 million given to local businesses in Covid support

Wednesday 17 February 2021

Since the start of the pandemic a year ago, over £65.5 million has been given to businesses in Kensington and Chelsea to help them through the impacts of Covid-19.

Grants have been made available through a number of Government schemes, such as the business rates grants launched in spring 2020, and the Local Restrictions Support Scheme (LRSS), which was introduced with the tier system in late autumn 2020.

The support given in the borough in the last year includes:

  • £45,270,000 to 2,478 local businesses in business rates grants
  • £19,679,762 through 5,369 payments to businesses via the Local Restrictions Support Scheme so far
  • £500,000 to 147 businesses through Kensington and Chelsea Council’s own Business Interruption Fund
  • £372,500 to 149 businesses through the Government’s Additional Restrictions Grants (ARG) so far

Businesses can apply for LRSS grants for the period of time the borough has been in each tier, plus the lockdown in November and now for the current ongoing lockdown, so further funding will continue to be given to those affected.

Cllr Catherine Faulks, Lead Member for Economy, Employment and Innovation said:

“As a borough, we’re really proud to have such a large and varied business and self-employed community so making sure that they can access much needed financial support has been a top priority.

“We’ve distributed over £65 million in grants to help protect livelihoods and there is support still available for some businesses who haven’t yet come forward. The successful vaccination programme hopefully means that very soon businesses will be able to open up and get our local economy going."

Additional Restriction Grants were opened to those who have been severely impacted by the pandemic but might not have been able to access other support. Kensington and Chelsea have held two rounds of applications for these grants, once in December and again in January, to include those who operate in non-commercial premises such as taxi drivers and market traders.

So far, 149 applicants have been awarded a £2,500 grant through the ARG, providing £372,500, with many more payments currently being processed. A third round may be opened for further applications if funding is still available.

In addition to grants, around £231 million in business rates relief for over 3,000 businesses was recorded in Kensington and Chelsea for the 2020/21 year.

The Council is working to prepare to support businesses with reopening once the current lockdown is eased and further information and resources to operate safely will be made available in the near future.

Find out more about available grants and other support at www.rbkc.gov.uk/covid19-business.