£1m fund for business innovation grants for Bromley businesses | London Borough of Bromley

Businesses in Bromley are being encouraged to apply for a new business innovation grant of up to £10k, with the application window now open for one month.

This latest grant is designed
to help support businesses planning to introduce new ideas or changes to
improve their business.

The launch of the fund follows feedback
from businesses suggesting that support for innovation would allow businesses to
diversify or ‘pivot’ their offer to respond to post-COVID challenges. This could
result in new products or services; new or improved business processes; changes
in the way products are marketed; or the introduction of new technology. Additional
support is available to complete the application, if required.

Councillor Yvonne Bear,
the borough’s business champion and Executive Assistant for Renewal,
Recreation and Housing said, “We have distributed over £67 million of government
funding to businesses across the borough and there is more to come. Part of what we are looking to do is support businesses
who want to adapt their business model in the light of their experience in this
pandemic period. It may be by investing in
a certain area that businesses can expand, diversify or change their existing
business and make it more successful.”

Councillor Bear continued, “We
know from our discussions with businesses that the pandemic has hindered the
way many businesses operate and potentially with targeted investment, these businesses
could thrive again, particularly as we move into a recovery phase. However small your business, if
you are a business based in the borough with an idea for innovation, then this
grant fund may be for you and I encourage you to look at the application details.”

The £1m business innovation grant scheme is funded from the Additional Restrictions Grant funding from central government, which is intended to support business during the COVID-19 pandemic
and aid recovery.

Interested applicants must be
able to demonstrate a deliverable and well considered business plan, with
applicants needing to apply on or before 12 April 2021 deadline. All applications received will then be
assessed in line with the eligibility criteria, with successful applicants then
being contacted about a grant award.

Further details about the business innovation grant are available on the council’s website, with
applicants advised to submit an online application.

Interested businesses wanting to
know when other business grant schemes become available are advised to
subscribe to the business newsletter www.bromley.gov.uk/business
where details of new grants will be outlined when they are available.