The Fund has an initial pot of £3m in cash, plus £500,000 from the mayors office.
Small and local businesses can apply for a grant from the fund to facilitate continued operation before insurance payments for any damage come through.
Multinationals including Barclays, Deloitte, Lloyds Banking Group, BP, Capita, RBS and Santander have donated, and the fund is appealing for more contributions. Topshop owner Sir Philip, whose Miss Selfridge chain experienced damage during the days of rioting, has worked on the structure of the fund in his capacity as a government advisor.
This fund is about providing real help to businesses who need help now, Sir William Castell, chairman of the High Street Fund and chairman the Wellcome Trust, said. Everyone was shocked at the damage caused by the riots and... the hardship is still being felt. The High Street Fund will be the channel for the British business community to rally round and aid smaller businesses caught up in the disturbances.
Outsourcing company Capita has established a helpline for local business owners and banks have instructed staff on how to assist affected traders in filling out claim forms.
Sir William told The Telegraph that he expects the first grants of around £2,000 to be disbursed from Tuesday of next week. Grant applications will be open from Friday to business owners in possession of police reference numbers relating to the riots.