ECONOMIC AND BUSINESS RESILIENCE
The COVID-19 situation is rapidly evolving and presents an unprecedented economic challenge to our city region. It is clear that the scale of the immediate and long-term financial support required to our economy, which will run to the hundreds of millions, cannot be met from local resources alone.
We know that 95% of our businesses are already affected, so our top priority is to help our businesses to access central government support packages. We have been listening closely to what our business community needs, working with many partners across all sectors, and robustly engaging with government to secure what we need.
Working with the other Metro Mayors, we have already been successful in changing national policy, speeding up advice to business, securing support for the self-employed and extending the Coronavirus Business Interruption Loan Scheme to smaller businesses, while dropping the need for banks to require personal guarantees.
£300 million worth of grants of between £10,000 and £25,000 are now available from our Local Authority partners.
We have set up a dedicated helpline and online resource hub via the Growth Platform to help businesses preserve their cash, understand their options and access the maximum possible support from government programmes. And we are providing vital business support to the City Region’s socially trading organisations, through Kindred, working in partnership with Power to Change.
The Combined Authority is already planning for economic recovery, so that when we get through the immediate crisis, our city region will rebound as soon as we can.