The Mayor of London, , has
launched a new support hub for struggling small businesses, as
applications also open for a new £1 million fund to help London’s
firms survive the dual impacts of Covid-19 and Brexit.
Businesses in the capital are facing huge uncertainty, both from
the consequences of Covid-19, and preparing for the possibility
of the UK failing to secure a deal with the EU by January 2021.
The London Business Hub will provide a range of free support and
funding opportunities to Small and Medium-sized Enterprises
(SMEs) of all sectors.
It includes an online portal (www.businesshub.london) to
help London’s businesses to start, sustain and grow, and a
programme to equip around 240 businesses in the capital with the
leadership skills necessary to safeguard against future economic
shocks. SMEs will get advice on business rates and landlord
negotiations, and also how to navigate government support schemes
and recover reduced revenue streams.
Through a partnership with the Business School (formerly Cass
Business School) firms will receive expert support and can access
one-on-one sessions of tailored advice with the Hub’s team of
business advisers. Encouraging collaboration, a peer-to-peer
network has also been set up, where business leaders can discuss,
meet and tackle their challenges together.
Applications for £1m of new funding opened today to help SMEs
build resilience for the uncertainty ahead. Funding of up to
£30,000 will be rewarded to projects that develop innovative
solutions to the environmental and economic challenges facing the
London’s economy. This could include new ways of using data and
technology to identify and address vulnerabilities in supply
chains, local food or energy production.
The Mayor has written to the Prime Minister urging that if the
latest round of Brexit talks ends in no significant progress
being made, the Government must put the national interest first
and seek an immediate extension to the trade negotiations of at
least 12 months, allowing businesses to focus on the priorities
of dealing with the virus, and protecting jobs.
The Mayor of London, ,
said: “The London Business Hub and this new fund will
help our businesses tackle the dual challenges of COVID-19 and
the risk of a no-deal Brexit. The coronavirus pandemic has hit
London’s business community hard, with social distancing
requirements and a reduction in footfall leaving many small and
medium-sized companies struggling to survive. As many continue to
worry about their cashflow and how they’re going to pay the
bills, I want to do all I can from City Hall to provide the
practical help and support London’s SMEs need to get through
these difficult times.”
FSB London Policy Chair, Rowena Howie, said:
“Small businesses need tangible and relevant help during these
challenging times, so a move to a more targeted support service
for London business owners is welcome. We are particularly keen
for support to be given to those who have been more adversely
affected through the COVID crisis. For those who have missed out
on grants, loans and general business support – this service must
offer a pathway to recovery.”
Entrepreneur and LEAP Business Member, Nita P.Woods,
said: “As a small business owner myself, I know how
devastating the last six months have been and how terrifying the
next 12 to 24 months seem. I know we simply can’t get through it
without support at every level - from loyal customers and mega
fans, to dear friends and peers who share the load. The role of
public funding is to support small businesses who don’t otherwise
have the resources or the capacity to work their way out of this
situation alone. That’s why the LEAP Board is proud to fund and
support the new London Business Hub programmes that help connect
business owners together through peer networks, academic support
and access to the information that will help them to not only
survive, but also thrive over the coming years.”
ENDS
Notes to editors
- The London Business Hub, formerly
known as the London Growth Hub, was launched in 2016 and is
funded by the London Economic Action Partnership (LEAP). It also
receives funding from the European Regional Development Fund
(ERDF) and the Mayor’s Strategic Investment Fund (SIF).
- The London Business Hub can be
found at: http://www.businesshub.london.
The Hub was developed with support from Bloomberg Associates,
the philanthropic consulting arm of Michael R. Bloomberg’s
charitable organization, Bloomberg Philanthropies.
- Applications to the £1m Mayor's
Resilience Fund can be made here - www.tech.london/resilience
- Pay It Forward London is part of a
wider package of help the Mayor is offering to small businesses
which is delivering tailored one-to-one advisory sessions with
small and medium-sized enterprises (SMEs) during the outbreak.
Through the 100% free Pay It Forward initiative with Crowdfunder,
businesses can raise vital funds to stay afloat, rebuild and
recover from the impact of COVID-19.
