Hackney Impact: New £700,000 business investment agreed
Up to 250 small businesses and social enterprises will receive help to grow, go green or manage the cost crisis after the Council approved a new £700,000 support package for Hackney’s business community.
The investment, agreed by the Council’s Cabinet this week (25 September), will fund a range of hands-on business help including one-to-one coaching and mentoring, group courses and networking, and grant funding opportunities, particularly aimed at:
- businesses most affected by increasing costs – including hospitality, arts, creative, retail and manufacturing businesses
- socially-focussed businesses – such as social enterprises and cooperatives
- businesses looking to go green and transition to net zero
The programme will be delivered by Hackney Impact, a partnership led by business specialists Allia, working with local organisations including East End Trades Guild, Hackney Cooperative Developments, Hackney CVS, Better Futures and Social Founders to ensure it reaches across Hackney’s business communities,
The support builds on the £2.5 million invested in Hackney’s business communities since the coronavirus pandemic, resulting in £414,000 of additional external funding, £554,000 spent at Hackney-based suppliers, 553 jobs created or safeguarded, and 73 work-based opportunities for young people.
The Council has proven that when it is provided with funding and is empowered to design and deliver local business support programmes, it delivers positive social, environmental and financial outcomes for the businesses themselves and the wider community.
The focus for this 18 month programme, which is expected to run to 31st March 2025, is on helping businesses transition to net zero, enhancing their social impact, and strengthening Hackney’s local ecosystem of business support.