£100 million investment in London’s small businesses

Mayor of London Sadiq Khan is launching a £100 million investment for the capital’s small businesses as part of the Greater London Investment Fund.

The funding has been developed specifically to target businesses which have had difficulties in securing crucial investment. As well as investing in 170 companies, the fund will secure at least another £103 million in private sector investment and create 3,500 new jobs in the capital.

One of the the mayor’s environmental priorities is helping London make the transition to the circular economy, in which Londoners and businesses keep resources in use for longer. As such, £14 million of the total fund has been ring-fenced for businesses which support this goal, of which £7 million has been invested by the London Waste and Recycling Board (LWARB), the partnership between the Mayor of London and London’s councils.

Khan said: “Small businesses are the lifeblood of our economy – they account for more than 99 per cent of all businesses in the capital and support more than half of all jobs. London is the best place in the world to start and grow a business – but even in such a dynamic economy as ours, some small entrepreneurs can’t access crucial funding.

“I promised to be the most pro-business Mayor that London has ever had and that’s why we’re allocating a record amount to SMEs who can create jobs and play a crucial role in our economy. I’m also committed to ensuring all Londoners can thrive, which is why we have policies in place to ensure this fund supports women-led businesses and entrepreneurs from black, Asian and minority ethnic backgrounds.”