The Mayor of London, Sadiq Khan, last week launched his Economic Development Strategy, which sets out how he will help to ensure that all Londoners share in the benefits of London’s prosperity as it grows, alongside a package of new initiatives which will support entrepreneurs and help small businesses across London to grow and flourish.
These include plans for a brand new £100m fund to help small businesses in the capital flourish. Sadiq’s proposed new SME Fund will make loan and equity investments in small businesses. The scheme aims to support budding companies and entrepreneurs in the capital which are looking to raise money to take them to the to the next level.
It also aims to help plug the funding gap which sees some smaller companies find it difficult to line up new investment to help them expand.
Unveiling his draft Economic Development Strategy at the Federation of Small Business’ Winter Reception, today, Sadiq explained how he wants to build on his manifesto pledge to be London’s most pro-business Mayor ever, create an economy that delivers for everyone and leaves none of London’s communities behind. It also sets out measures to address the fact that although London is one of the richest cities in the world, the city is home to some of the poorest neighbourhoods in the country.
He has also challenged tech start-ups and medium-sized businesses to develop innovative solutions that will help address some of the big issues facing London and Londoners – from inequality to air quality and the health challenges of an ageing population. Using funding from the London Economic Action Partnership (LEAP), 15 companies will initially be selected to receive targeted business support with up to three of them receiving £15,000 to further develop their ideas. The Mayor will set out the exact terms of this initiative, known as the Mayor’s Civic Innovation Challenge, next year.