New £10m fund set up to help London firms bust recession

PUBLISHED: 19:00 24 May 2010 | UPDATED: 16:04 05 October 2010

A NEW service is being unveiled by Boris Johnson tonight to give financial advice to London’s 4,500 small businesses to help them bust the recession. The £10m scheme is being announced at this-evening’s Mayor’s Question Time in Blackfriars

By Mike Brooke

A NEW service is being unveiled by Boris Johnson tonight to give financial advice to London's 4,500 small and medium businesses to help them bust the recession.

The £10m scheme is being announced at this-evening's Mayor's Question Time for businesses being held in the City.

The London Development Agency has invested £5m in the new programme with match funding from the European Regional Development fund.

Businesses that receive funding get specialist guidance in understanding their finance needs to develop the skills to raise their own equity. The programme is aimed at speeding up growth with the aim of creating more jobs.

The Federation of Small Businesses welcomed the new service "as it will be small businesses which will create the jobs as we come out of recession."

Raising cash has been a 'major challenge' for small businesses. Now the federation is hoping the banks will follow "the same level of confidence" the Mayor has shown in making finance available.

The Mayor's Question Time at Puddle Dock, in Blackfriars, chaired by Sky TV business correspondent Dharshini David, begins 7pm when Boris is joined on the panel by Bright Ideas Trust founder Tim Campbell, a winner in the BBC's Apprentice first series, London Chamber of Commerce chief Colin Stanbridge, Federation of Small Businesses boss Sue Terpilowski and the Mayor's policy director Anthony Browne.

Latest East London News Stories

Yesterday, 18:21

Police have found the body of a missing student with links to east London.

Yesterday, 16:14

The mayor of Tower Hamlets has voluntarily had a blood test for Aids in a council campaign for public awareness for people to take part in HIV Testing Week starting tomorrow.

Yesterday, 13:48

Campaigners have called for support ahead of a national unity demonstration against racism and fascism.

Yesterday, 11:45

Police are appealing for help in finding a vulnerable man who has been missing for more than a week.

Thu, 19:00

Tower Hamlets Council is to overhaul the way it awards grants to community and voluntary organisations (VCS) in the borough.

Thu, 14:41

Yobs have been banned by magistrates from going onto a housing estate in Whitechapel which has been plagued by drug addicts.

Thu, 11:49

Older people in Tower Hamlets are being trained in classical dance by the English National Ballet to commemorate a century since the end of the First World War.

Thu, 08:18

Police are looking for the driver of a suspicious vehicle which sped away as they approached and was a then in a hit-and-run incident in Spitalfields yesterday.


Are you a landlord looking for a fixed rental income, paid whether the property is empty or not? Steve Westley, general manager at estate agents Elliot Leigh, explains their Guaranteed Rent Scheme and how it takes the stress out of letting your property.

Newsletter Sign Up

East London Advertiser twice-weekly newsletter
Sign up to receive our regular email newsletter

Our Privacy Policy

Most read news

Show Job Lists

Digital Edition


Enjoy the
Docklands and East London Advertiser
e-edition today


Education and Training


Read the
Education and Training
e-edition today

Read Now