10 Focus on Lewisham
Restart-Recover-Renew The pandemic has been unprecedented in its scale and has touched all our lives. As businesses begin to trade once more we are all glad to see the economy start to pick up.
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eopening has been a daunting prospect for businesses that have been forced to close for weeks and who now feel are stepping into an uncertain future. Lewisham is a borough with a high proportion of small, locally owned, independent businesses. We know that with over 11,000 local businesses, 91% of which are micro business with fewer than 10 employees many will be reliant on financial support to offer stability. To do this Lewisham Council has launched the Lewisham Backs Business Taskforce to oversee efforts to support the economic recovery. Over the past 10 weeks, the council has distributed over £38 million in emergency grants to small businesses that have been hit hard by the crisis. We have taken calls
July 2020
from hundreds of businesses and gathered insights via a business survey to build a picture of where the need is across Lewisham. Lewisham Council has also taken action to help residents, distributing £2.5m in emergency funding to support people through the crisis. Earlier this month, Lewisham Council announced a new £2 million fund to provide further support to local
charities and small businesses hit hard by the Coronavirus pandemic, and to protect jobs and livelihoods. Working closely with the local business community to develop the scheme, the fund will help organisations which have experienced a significant decrease in income as a result of the pandemic, and which have fallen through the cracks of other government support measures.
“Over the past 10 weeks, the council has distributed over £38 million in emergency grants to small businesses that have been hit hard by the crisis. We have taken calls from hundreds of businesses and gathered insights via a business survey to build a picture of where the need is across Lewisham.”
Businesses in shared offices and flexible workspaces, businesses in the creative and cultural sector and the night time economy, and businesses that are crucial for local growth and regeneration have been prioritised. Supporting small businesses that are vital pillars in the local community to survive and thrive is crucial. We know from our own research that 41% businesses have reported they have furloughed staff and 43% said they expected there to be a decrease in turnover over the coming months. Cash flow, reduced footfall and supply chain and delivery disruption are amongst the biggest issues businesses are facing right now which is why, as we see government lockdown restrictions being lifted we will continue to do all we can to get our local economy back on its feet again.
