Boris Johnson has announced measures to help small businesses survive the current economic downturn, as growing numbers of companies are finding themselves suffering from cashflow issues and the unavailability of credit.
Through the London Development Agency the Mayor will channel £23m into schemes to help small and medium sized companies who provide regeneration benefits. There will also be help through LDA-sponsored business recovery seminars run by KPMG & Deloitte and assistance with protecting intellectual property rights.
Speaking after the LDA’s annual public meeting, the Mayor said: “The current economic downturn makes it all the more clear that the refocusing of the LDA’s investment programme towards promoting jobs, skills and economic growth is the right approach. It gives a focus on the key issues for the capital’s residents and businesses, helping to ensure that our city emerges in a stronger position once the upturn arrives.”
Speaking at last month’s Mayor’s Question Time Mr Johnson undertook to help small businesses who supply the Greater London Authority by paying invoices within ten days, inline with a recent Government decision to do likewise.