European Regional Development Funds

Meeting: 
MQT on 2012-09-19
Session date: 
September 19, 2012
Reference: 
2012/2653
Question By: 
Len Duvall OBE
Organisation: 
Labour Group
Asked Of: 
The Mayor

Question

You have said that you will, 'Launch a new £35 million revolving fund. I will seek to attract private-sector funding to double the size and scope of this fund to £50 million, including the remaining European Regional Development Funds worth £10 million.' Can you update us on what progress you have made to secure these ERDF funds?

Answer

Answer for European Regional Development Funds

Answer for European Regional Development Funds

Answered By: 
The Mayor

Since my election the Government has announced a series of SME finance initiatives (such as the Business Finance Partnership). Therefore, to ensure that the GLA does not duplicate activity my officers are carrying out a review of the support offers available to small businesses to enable the GLA to target support to London SMEs in the best way possible. The potential use of funds from London's 2007-13 ERDF programme to sit alongside this support remains under consideration and my Deputy Mayor for Business and Enterprise will be raising London SME support on his forthcoming Brussels visit.