Fifty small businesses in Tower Hamlets will be provided with a bespoke recovery plan and support worth £1,000 as part of a pioneering new council programme aimed at helping firms navigate the unprecedented challenge of Covid-19.
The Pivot Project, delivered in partnership with Whitechapel-based small business support network Enterprise Nation – is aimed at helping companies that are struggling in the current climate but have the potential to survive and thrive if they can get the support and advice to adapt their business model.
John Biggs, Mayor of Tower Hamlets, said: “Small businesses are the backbone of our communities and we know that despite the support programmes introduced since the start of the pandemic, many of them are struggling.
“The way we live our lives has changed which means the way we do business must change too. This programme is about offering practical on-the-ground support to companies that have seen a sudden change in their fortunes and their trading environment through no fault of their own.
“Together with our partners, we’re offering targeted advice to those that need it most, to help them adapt and survive in the difficult new conditions they face.”
Applications for a place on the programme will open on 5 October and close at the end of November. Those selected to take part will receive a detailed action plan for their business as well as further professional advice and equipment worth up to £1,000 to help with implementing changes.
The support is available for micro and small businesses, employing up to 49 people, that were trading prior to the pandemic.
While 50 firms will be selected for the Pivot Project specifically, council officers will ensure that any applicants that either don’t meet the eligibility criteria or don’t quite make the cut for this programme, will be supported to access other assistance available wherever possible.
Emma Jones, founder of Enterprise Nation, said: “What is clear is that we’re seeing a decade’s worth of change happening almost overnight. For some, pivoting their model may seem like an insurmountable and often unaffordable task, but we’ve got the experience to show them it is possible.
“This programme seeks to support 50 firms to navigate this challenging environment, offering them not only advice, but the financial support to carry it out and succeed.”
An online information event will be held on Thursday 15 October where potential applicants can learn more about what is involved and hear from those who will be providing the support. Anyone interested can register online.
To register, or to find out more, visit www.enterprisenation.com/towerhamlets