Mayor of London unveils new support for London’s businesses

The Mayor of London, Sadiq Khan, 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.

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 of London, Sadiq Khan, 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.”