Other News
Mayor releases £29 million of EU funds to support London jobs and small businesses
Sector: Local Government
Date Created: Fri 27th Mar 2009, 10:47:2
Source: London Councils
Link: http://www.londoncouncils.gov.uk
UK - The Mayor of London, Boris Johnson, announced that he is releasing £29million of European Union funds that will support 11,000 small businesses in London, create 1,100 jobs and safeguard a further 2,700.
The money, from the European Regional Development Fund, will be given to 32 projects operating across the capital. The projects provide small firms with advice to help them win new contracts and expand their order books and businesses. Each project successfully bid to receive financial support from the fund, which is managed on behalf of the Mayor by the London Development Agency. The projects are run by a range of organisations across the capital including London boroughs, colleges, business centres and the third sector.
The Mayor is doing all he can to support the capital's small businesses through the recession with his Economic Recovery Action Plan. The plan uses all the resources at the Mayor's disposal to help London through the downturn, such as obtaining extra funding and directing efforts to build on the capital’s strengths – its people and its businesses. Many of the projects that have been offered funding have strong track records in assisting the capital’s small and medium businesses - one of the Mayor's priorities.
The Mayor said: "These projects are vital to supporting London's businesses and never has the need for such a stimulus been so great. Small businesses are critical to London’s success and play a significant role in our dynamic, active and vibrant economy. More importantly the firms supported through this funding are going to be the capital's spring board to economic growth and prosperity once the upturn arrives."
Successful schemes include the Heathrow Area Supply Chains that helps over 250 small to medium firms in Hillingdon, Ealing and Hounslow access major local supply chains, including those at Heathrow Airport and in the public sector. Also successful was a programme run by North London Business, which assists local companies in identifying and realising their export potential through business engagement and mentoring.
Over the next six years the ERDF programme will invest £300m in boosting London's competitiveness and employment, consisting of £150m funding from the EU and matched by similar amounts from the projects themselves. The aim is to help firms boost their trade and to promote greater innovation, joint working and environmental efficiency for London’s small and medium sized businesses.
