Since 2010, the total number of Small and Medium-sized Enterprises (SMEs) in London has increased by 40 per cent (around 300,000 new businesses); the majority of these are sole traders, like plumbers, builders and shopkeepers.[2]
While conditions for accessing finance for SMEs have improved since the financial crisis, start-ups and very small businesses are still struggling to get the finance and support they need.
Many smaller businesses, particularly those with poor or limited credit history, have no choice but to turn to subprime lenders. But these lenders charge very high interest rates, which could put many small business owners at risk of financial difficulty.
The London Assembly Economy Committee will tomorrow discuss what the Mayor of London and the financial services sector can do to better support London’s smaller businesses. The guests are:
- Tony Greenham, Director of Economy, Enterprise and Manufacturing, RSA
- Jennifer Tankard, Chief Executive, Responsible Finance
- Professor Richard Werner, Director, Centre for Banking, Finance and Sustainable Development (University of Southampton Business School)
- Natasha Jones, UK Head of Corporate Communications, Funding Circle
- Mike Conroy, Executive Director for Corporate and Commercial Banking, UK Finance
- Faisel Rahman, Managing Director, Fair Finance
The meeting will take place on Tuesday, 10 October from 3:30pm in Committee Room 5 at City Hall (The Queen’s Walk, London SE1).
Media and members of the public are invited to attend
Social Media:
The meeting can also be viewed LIVE via webcast or YouTube.
Follow us and take part in the meeting discussion using #AssemblyEconomy and #AccessToMoney
Notes to editors
- Full agenda papers.
- Business Population Estimates 2016
- Caroline Russell AM, Chair of the Economy Committee is available for interview. See contact details below.
- London Assembly Economy Committee.
- As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor.
For media enquiries, please contact Lisa Lam on 020 7983 4067. For out of hours media enquiries, call 020 7983 4000 and ask for the London Assembly duty press officer. Non-media enquiries should be directed to the Public Liaison Unit on 020 7983 4100.