Doing business after lockdown

Getting up and running again won’t be easy for many of our local businesses, despite the support that has been available during lockdown.

However, more support is available – including Government funds – and there is plenty of advice and guidance on offer too.

Support during lockdown

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During lockdown, many local businesses have been able to sustain themselves through initiatives such as the Job Retention or ‘furlough’ scheme for employees (which closed to new applicants on 10 June).

Some were able to access relief on business rates and some received small business grants from the council. The Government also established a Self-Employment Income Support Scheme for freelancers and sole-traders.

Keeping the economy going has presented a huge challenge both nationally and locally.

Southwark Council is acutely aware of the damage that could be done to local jobs and livelihoods, both by the pandemic and the lockdown in response. Consequently, it has done its utmost to help businesses throughout the borough, including those in Elephant and Castle.

The council handled more than 1,300 enquiries from Southwark businesses during April and May. And it kept in touch with local traders through regular bulletins, sent to more than 5,000 businesses, each one containing advice, information and links to sources of support and funds.

The council also distributed over £58 million in Government grants to businesses (throughout the borough) and applied 100 per cent rate relief to the retail, leisure and hospitality sector for a year.

On top of the Government money, the council also set-up its own £2 million emergency Business Hardship Fund. This was used to help some of the neighbourhood’s smaller businesses which had missed out on national support.

But what next?

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There are currently three Government-backed loan schemes designed specifically to help businesses get back on their feet.

The Bounce Back Loan scheme provides small and medium-sized businesses with loans of between £2,000 and £50,000. Loan terms can be up to six years and no repayments will be required in the first 12 months.

The Coronavirus Business Interruption Loan Scheme can provide smaller businesses with loans of up to £5m, with no interest for the first 12 months, and there is no requirement for personal guarantees on any loan under £250,000.

The Future Fund is intended for growing companies. It will provide government convertible loans between £125,000 and £5m but recipients will need to adhere to stringent conditions, including being able to match the loan with equivalent funding from private sector investors.

Find out more about Government support

Discretionary Grants from Southwark Council

On 8 June Southwark Council invited applications for a new, additional Discretionary Fund supported by the Government.

This fund is aimed, primarily, at small businesses, throughout the borough, which have been adversely affected by the pandemic and were not eligible for previous schemes.

£3.4m is available, in total, and the Government has asked the council to prioritise the following types of business:

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Visit the council website for full details and to apply

Get COVID Secure

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As of Monday 15 June, most high-street and retail businesses are able to resume trading providing they can make themselves COVID Secure.

This means taking appropriate steps to minimise the risk of spreading the virus. This might include installing protective screens,  putting in signage and barriers to maintain social distancing, providing hand-santiser or reverting to using disposable / single-use plastics for the time-being.

There is advice available online, both from the Government and other sources, about what to expect and about how to prepare your business.

These include:

The Health and Safety Executive

The Business Companion website

Southwark Council Business Advice

Advice for businesses seeking a pavement license

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