London mayor Sadiq Khan has launched a new small business support hub, alongside the £1m Mayor’s Resilience Fund, applications for which open today.
The dual impact of Covid-19 and Brexit on businesses has left many companies with huge uncertainties, with the risk of a no-deal Brexit magnifying concerns.
As a result, the London Business Hub is set to offer small businesses a range of support and funding opportunities through its online portal.
Khan said: “The London Business Hub and this new fund will help our businesses tackle the dual challenges of COVID-19 and the risk of a no-deal Brexit.
“The coronavirus pandemic has hit London’s business community hard, with social distancing requirements and a reduction in footfall leaving many small and medium-sized companies struggling to survive.
“As many continue to worry about their cashflow and how they’re going to pay the bills, I want to do all I can from City Hall to provide the practical help and support London’s small businesses need to get through these difficult times.”
The Mayor’s Resilience Fund, announced at the end of July, offers funding up to £30,000 for projects looking to develop innovative solutions to London’s economic problems.
The fund is on top of the Pay It Forward London scheme set up in April to help small to medium sized London businesses survive the Covid-19 pandemic, which sees the Mayor match any money raised by local businesses up to £5000.
Rowena Howie, Federation of Small Businesses London Policy Chair said: “Small businesses need tangible and relevant help during these challenging times, so a move to a more targeted support service for London business owners is welcome.
“We are particularly keen for support to be given to those who have been more adversely affected through the COVID crisis. For those who have missed out on grants, loans and general business support – this service must offer a pathway to recovery.”