American Express backs “vital” grant programme for London's small restaurants

From today, independent restaurant owners across London can apply for a share of almost £70k to help grow their business through an American Express-supported grant programme, run by the International Downtown Association (IDA) Foundation in partnership with the Association of Town & City Management (ATCM).

Now in its second year, the global Backing International Small Restaurants programme runs in five major cities; London, Mexico City, Sydney, Tokyo, and Toronto. The programme aims to highlight the important role independent restaurants play in their communities and provide them with valuable support to succeed.

In London, the IDA is working with the ATCM to promote the initiative and select grant recipients from across the capital’s “diverse and vibrant” dining scene.

Six eligible restaurants of community significance will receive £11.5k each to help them make critical improvements that boost their business, such as enhancing digital capabilities, revitalising their dining spaces and kitchens, or making other physical improvements.

The grant programme comes at a time when hospitality operators are facing a challenging market and rising costs across all areas of their business. However, new research from American Express shows that diners continue to be supportive of small restaurants.

The study of 2,000 consumers found that 73 per cent believe it’s important to spend with small restaurants as a way of supporting local high streets; with the same proportion saying these venues are vital to maintaining a vibrant and diverse local community.

Following a positive dining experience, 79 per cent say they would recommend a small restaurant to friends and family and 67 per cent would visit more often.

David Downey, executive director, IDA Foundation, commented: “As we launch the Backing International Small Restaurants programme for the second year, we recognise the vital role that small, independent restaurants play in our communities.

“This programme is a demonstration of our commitment to supporting these businesses and helping them thrive and succeed in the wake of ongoing economic challenges worldwide. It is an honour to implement this innovative work with the generous support of American Express and partnership of the ATCM.”

Ojay McDonald, ATCM chief executive, added: “London is home to one of the world’s best hospitality scenes. This scheme from American Express provides a golden opportunity for innovation from those business owners with great ideas on how to evolve but who lack the capital to be able to invest.”

By Matthew Neville – Senior Correspondent, Bdaily

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