News

August 26, 2011

Recovery fund offers cash support to riot damaged firms

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.

Companies including BP, Deloitte and Capita have donated funds, while a £500,000 contribution from London Mayor Boris Johnson’s office will be dedicated to firms based in the capital.

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.

• Find out more about the fund and how to apply on the High Street Fund website or telephone 0800 093 5858