New report highlights impact of £2.5m investment in Hackney’s businesses

330 Hackney businesses have benefited from £2.5 million in Council investment over the last year, a new report has highlighted.

The funding, part of Hackney Council’s Business Support Programme, saw 159 local businesses share £2 million in grants between April 2022 and March 2023, enabling projects to make businesses greener, more inclusive and more resilient.

These initiatives reached 237,000 people, helped bring in more than £2m in further external investment to Hackney, and saw over £500,000 spent locally.

A further £500,000 investment saw businesses receive over 3,000 hours of targeted business development and training support, helping local  enterprises start-up, grow, or improve their resilience.

Cllr Guy Nicholson, Deputy Mayor and Cabinet Member for Delivery, Inclusive Economy and Regeneration

"This report highlights the incredible impact that our £2.5 million business support programme has had – not just in helping individual businesses, but creating a greener, more resilient, more inclusive economy.

“While the driver for this funding was supporting businesses to bounce back after the coronavirus pandemic, the impact is more long-term. We have proven that businesses make a difference when they are supported and funded to grow and innovate.

“With so many achievements identified in this report, it is disappointing that it brings to an end a programme of support enabled through coronavirus recovery funding. But we have also shown that councils, rather than national governments using central funding criteria, are best placed to respond to the needs of their local business community.

“This can be a new model for how businesses and councils can work together to benefit each other. That’s why we’ll continue to work alongside Hackney’s business community to build a more inclusive and circular economy, help local people into good jobs through training and apprenticeships, and keep our high streets vibrant and unique.”

Cllr Guy Nicholson, Deputy Mayor and Cabinet Member for Delivery, Inclusive Economy and Regeneration