Andrew Dismore

London Assembly Member for Barnet and Camden, Andrew Dismore AM, is calling upon local small businesses to bid for a share of the £100 million funding pot the Mayor of London recently launched.

Mr Dismore said that this funding should provide “the helping hand” that local small businesses need to “face up to the challenges brought on by prolonged economic uncertainty”.

The Greater London Investment Fund has been instituted by City Hall to help small businesses which are struggling to attract vital investment.

The fund is expected to benefit 170 companies, secure over £100 million in additional private sector investment, and lead to the creation of 3,500 new jobs in London.

In line with the Mayor’s environmental priorities, £14 million from the fund has been set aside to allocate to businesses which support the capital’s transition to the ‘circular economy’, which aims to keep resources in use for as long as possible.

A significant proportion of the £100 million total available comes from European Union sources. This includes £35 million from the European Regional Development Fund and £50 million from the European Investment Bank (EIB).

Local small businesses are able to apply for investment streams ranging from £100,000 up to £2 million by directly contacting one of the two independent fund managers, MMC Ventures and The FSE Group.

London Assembly Member Andrew Dismore AM, said:

“Small businesses are vital to the creation of jobs and to boost growth in the capital, but need and deserve more support.

“This new City Hall investment will provide the helping hand that small businesses need to meet the challenges due to prolonged economic uncertainty, brought on by the Government’s shambolic handling of Brexit.

“It is also welcome to see the Mayor acting upon his environmental priorities by allocating millions to London’s transition to the circular economy.

“It should be emphasised that a significant chunk of this funding comes from the European Union – and the Government has not been forthcoming about their plans (if any) post Brexit to replace these investment streams in London.”

ENDS

Notes

• More information about the Greater London Investment Fund can be found here;

• Andrew Dismore AM is the London Assembly Member for Barnet and Camden