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Mayor's fund to help 11,000 small firms
Felix Allen27 Mar 2009
BORIS Johnson today announced £29million in public money to boost jobs and support 11,000 small businesses in London.
It is hoped 1,100 jobs will be created and another 2,700 saved in small firms feeling the effects of the recession.
The money comes from the European Regional Development Fund and is to be given to 32 projects across the capital run by organisations including councils, colleges and charities. The projects aim to help businesses expand.
Mr Johnson said: "These projects are vital to supporting London's businesses. Small businesses are critical to London's success and play a significant role in our economy. More importantly the firms supported through this funding are going to be the springboard to economic growth and prosperity once the upturn arrives."
Projects which have already successfully bid for cash from the London Development Agency include the Heathrow Area Supply Chains which helps more than 250 small and medium-sized firms in west London gain access to major local supply chains.
The European fund programme will invest £300million in boosting London's competitiveness over the next six years, with half coming from EU funds.
Reader views (5)
The Mayor talks a great deal about supporting small businesses, yet when approached to add a foreword to the London Business Directory (published this week), he was too busy to help. Oddly enough, this was something his predecessor always found time to do.
- Mark Herring, London, 31/03/2009 07:51
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90% of London businesses find the support programme of the Mayor and LDA are irrelevant and poorly targetted. Read the results of the London Business Survey here - http://www.businessjunction.co.uk/londonbusinesssurvey
- Mark Herring, London, 31/03/2009 07:45
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No it's not £2 636 per firm because like every other "Initiative" of this sort in the UK not one penny of it will go towards actually solving the small firms problems or helping them through the hard times. Where it all will go is to a lot of so called "consultants" to talk about helping small firms and "advise them" IE tell them they can't have any money or actual concrete help because "It doesn't work like that".
Not one Government initiative to address a skills shortage actually involves training anyone. Not one Government initiative to help small businesses actually involves helping them get investment on reasonable terms or anything else of any use. It's always just a bonanza for the "Consultants". Operative word stem = "Con".
- Thalia, london, 27/03/2009 21:39
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Now let me see : £ 29 000 000 for 11 000 small firms ! That's £ 2 636 per firm.
Have I not been reading here and there for 2 or 3 weeks now that we were taliking in Billions for a few banks ?
This must be the Mayor's Charity Fund Contribution.
- Terry. B, Toulouse, France, 27/03/2009 13:37
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'The money comes from the European Regional Development Fund and is to be given to 32 projects across the capital run by organisations including councils, colleges and charities'..
So at least the Councils,colleges and charities will save a few jobs! The only effective way to help businesses is to refrain from taking money off them in the first place, ie by moderating rents and rates, and not punishing them for parking a van for two minutes.
Yet again the assumption that the governors know better than the governed how to spend their money; people do not go into business in order to enjoy a closer relationship with their council, or meet yardsticks impoised by them.
I'd love to know what the EU thinks competitiveness is, and what their skills are to improve it.
- Mdj E10, london uk, 27/03/2009 12:23
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