William Eichler 31 May 2019

Khan launches £100m SME investment fund

The mayor of London yesterday launched the largest ever fund for small and medium enterprises, which includes £14m to support the transition to a circular economy.

The £100m Greater London Investment Fund will invest in 170 companies and aims to secure £103m in private sector investment.

Mr Khan said that the boost to small and medium enterprises would also create 3,500 new jobs in the capital.

Most of the money comes from European Union sources, with £35m from the European Regional Development Fund (ERDF) programme and £50m from the European Investment Bank (EIB).

The fund will focus on industries identified by the mayor’s Economic Development Strategy as important for the capital’s economy.

These include cultural and creative industries, financial and business services, life sciences, low carbon and environmental goods and services, tech and digital, and tourism.

It will also concentrate on SMEs that are often overlooked by lenders who prefer larger companies with more established credit histories.

‘Small businesses are the lifeblood of our economy – they account for more than 99% of all businesses in the capital and support more than half of all jobs,’ Mr Khan said.

‘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.’

Around £14m of the fund will go to businesses who share the goal of transitioning to a circular economy where Londoners and businesses keep resources in use for longer.

Half of this figure has been invested by the London Waste and Recycling Board (LWARB), the partnership between the mayor of London and London’s councils.

‘Targeted finance like this can play a vital role in helping overcome barriers to growing a circular economy in London, which could bring net benefits of at least £7bn every year to the capital,’ said chair of the London Waste and Recycling Board, Dr Liz Goodwin.

‘Our contribution to this innovative fund is the final piece of the investment jigsaw for LWARB, as we support startups, SMEs and mature businesses all wanting to make the very best use of increasingly limited materials and resources.’?

For your free daily news bulletin
Highways jobs

Interim Head of Fostering

Tile Hill
Negotiable day rate
We are working with a local authority client in London who is looking for an Interim Head of Fostering, the local authority was last inspected as “... London (Central), London (Greater)
Recuriter: Tile Hill

Interim Head of Children in Care and Care Leavers

Tile Hill
Negotiable day rate
We are working with a local authority client in London who is looking for an Interim Head of Children in Care and Care Leavers, the local authority... London (Central), London (Greater)
Recuriter: Tile Hill

Head of Regeneration and Economy

City of York Council
£59,593 - £68,094
York is a wonderful place to live and work and it is quite rightly famous across the globe. York, North Yorkshire / Hybrid
Recuriter: City of York Council

Clinical Lead, North Essex

Essex County Council
Clinical Lead, North EssexPermanent, Full TimeUp to £57,869 per annumLocation
Recuriter: Essex County Council

Assistant Director Legal,&Governance/Monitoring Officer

Rochdale BC
£70,340 - £81,589
The Assistant Director role has breadth of responsibility beyond legal services incorporating Constitutional and Democratic Services Rochdale, Greater Manchester
Recuriter: Rochdale BC

Partner Content

Circular highways is a necessity not an aspiration – and it’s within our grasp

Shell is helping power the journey towards a circular paving industry with Shell Bitumen LT R, a new product for roads that uses plastics destined for landfill as part of the additives to make the bitumen.

Support from Effective Energy Group for Local Authorities to Deliver £430m Sustainable Warmth Funded Energy Efficiency Projects

Effective Energy Group is now offering its support to the 40 Local Authorities who have received a share of the £430m to deliver their projects on the ground by surveying properties and installing measures.

Pay.UK – the next step in Bacs’ evolution

Dougie Belmore explains how one of the main interfaces between you and Bacs is about to change.