As part of the City’s latest efforts to boost small business productivity, the City of London Corporation has revealed its first-ever small and medium-sized (SME) business plans for the Square Mile.
The strategy, which aims to ensure that the City of London maintains its title as a “premiere destination” for starting and growing a business in the UK, highlights several key priorities for SMEs regarding access to finance, data, working spaces, expertise, and networks.
The strategy’s ‘targeted approach to SME support’ includes a focus on offering free membership access to meeting rooms and workspaces, access to low-interest business loans of up to £50,000 for underrepresented founders, free advisor planning, and other networking and digital innovation incentives.
Policy chairman Chris Hayward, who is leading the SME Strategy, said: “We are thrilled to introduce our first SME Strategy, which represents a significant step towards making the City of London the premier destination to start and grow a business.
“Our commitment to small businesses is unwavering, and this strategy will ensure they have the support needed to thrive.”
Entrepreneurs in the City have had to overcome a number of economic headwinds over the past few years, including the lingering effects of Brexit, the pandemic, and the ongoing cost-of-living crisis.
However, the City of London is home to more SMEs than any other local authority in the UK, and it has said its goal is to learn how to “retain and enhance the vibrancy of the Square Mile.”
Michael Lassman, London regional chair at the Federation of Small Businesses (FSB), said: “We are delighted that the City of London are signing FSB’s Local Leadership Pledge which gives a clear statement of intent to support small businesses within the local economy – who incidentally make up over 99 per cent of all businesses.
“Supporting small businesses to access finance, win procurement contracts and attract new business are key priorities and this will lead to growth and greater employment opportunities.”