Local London Assembly Member, Joanne McCartney AM, is calling upon local small businesses to bid for a £100 million funding pot recently launched by the Mayor of London. Ms McCartney said that this funding should provide “the helping hand” that local small businesses need to “face up to the challenges brought on by prolonged economic uncertainty”.
The Greater London Investment Fund has been put in place by City Hall to assist small businesses who are struggling to attract vital investment.
The fund is projected to benefit 170 companies, secure over £100 million in additional private sector investment and lead to the creation of 3,500 new jobs in London.
In line with the Mayor’s environmental priorities, a £14 million portion of the fund has been set aside to be allocated to businesses who support the capital’s transition to the circular economy, which aims to ensure resources are kept in use for as long as possible.
A significant proportion of the £100 million funding pot comes from European Union sources. This includes £35 million from the European Regional Development Fund and £50 million from the European Investment Bank (EIB).
Local small businesses are able to apply for investment streams ranging from £100,000 up to £2 million by directly contacting one of two independent fund managers, MMC Ventures and The FSE Group.
Joanne McCartney AM, said: “Small businesses are vital for creation of jobs and for boosting growth in the capital, but clearly need and deserve more support.
“This new investment from City Hall should provide the helping hand that local small businesses need to face up to the challenges caused by prolonged economic uncertainty, in part brought on by the Government’s shambolic handling of Brexit.
“It has also been positive to see the Mayor act upon his environmental priorities and allocate millions into facilitating London’s transition to the circular economy.
“It should be reiterated that a significant portion of this funding comes from the European Union. However, the Government have not been forthcoming about their specific plans to replace these investment streams in London.”
