Mayor unveils £3m loan fund for small firms
Commercial insurance
16th June 2009
Mayor of London Boris Johnson has unveiled a new £3 million loan fund for small and medium-sized businesses in the capital.
Designed to provide firms with financial support during the recession, the cash is part of the mayor's Economic Recovery Action Plan and is intended to help enterprises that are finding it hard to secure loans.
Those businesses suffering a funding gap as a result of the tightening of mainstream sources of funding such as banks are invited to submit their business plans and applications in order to retain and create jobs in the capital.
"It is vital that we continue to do all we can to protect jobs, upskill our staff and look ahead so that London as a whole emerges from the recession in a strong position," Mr Johnson stated.
The London Development Agency has created the fund, which will provide loans of up to £50,000 over a maximum of five years.
Recent figures included in the Barclays Local Business Annual Late Payments study suggested that small and medium-sized firms in Britain are owed an estimated £2.5 billion on any given day.
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