Support for SMEs

Meeting: 
MQT on 2013-11-20
Session date: 
November 20, 2013
Reference: 
2013/4353
Question By: 
Fiona Twycross
Organisation: 
Labour Group
Asked Of: 
The Mayor

Question

In your 2012 manifesto you pledged to establish a £50 million loan fund for small businesses, which "provide average loans of around £100,000 for each company, and if successful in attracting other funds, could drive growth for around 500 companies". What progress is being made by the London Enterprise Panel in delivering on this commitment?

Answer

Answer for Support for SMEs

Answer for Support for SMEs

Answered By: 
The Mayor

The London Enterprise Panel (LEP) will discuss the approach to using £25m of Growing Places Funding to support SME finance at its November meeting. This will be informed by research on SME finance in London that has been conducted and a bidding process for organisations that could deliver such a scheme that has been run. When an approach has been agreed and approvals secured the fund will be established in accordance with legal and procurement requirements. The scheme will also seek to leverage private and European funding to ensure at least a £50m fund.