The Corporation launches its first Small and Medium Enterprise (SME) Strategy, a comprehensive plan aimed at ensuring the remains the premier destination in the UK for starting and growing a business.
The City is home to over 21,000 SMEs, the highest concentration anywhere in the UK. The tech sector stands out, having grown by 130 firms (5%) in the past year or 365 (17%) since pre-pandemic 2019.
This landmark strategy will be unveiled at a celebration launch event at Guildhall and formalises the City Corporation’s approach to supporting SMEs, primarily through facilitating:
- Access to Finance – Working closely with institutions such as the British Business Bank and Highstreet banks to help City businesses navigate what finance options are open to them.
- Access to Data – Support SMEs access the City Corporation’s wide range of business databases, to empower them with valuable data-driven insights and helping them mitigate risks and capitalise on growth opportunities in a competitive business environment.
- Access to Space – Support growing firms to locate and expand in the City through activation of empty units and meanwhile use.
- Access to Expertise – Build on existing in-house expertise to strengthen the City’s offer and work more closely with City organisations such as the Company of Entrepreneurs, as well as offer free mentoring in partnership with the Association of Business Mentors.
- Access to Networks – A vibrant business environment by supporting networking opportunities and enhancing our existing events programme.
Spearheaded by Policy Chairman Chris Hayward and with key contributions from Lead Member for SMEs, Paul Singh, the strategy was developed to bolster the support ecosystem for SMEs within the Square Mile.
As the governing body for the Square Mile, the Corporation is committed to enhancing support for City SMEs. This strategy also aims to elevate the Corporation’s profile within the wider business support network in London, engaging key partners such as the Federation of Small Businesses (FSB), London Chamber of Commerce and Industry (LCCI), The Company of Entrepreneurs and various City-specific organisations including Livery Companies and City University.
The SME Strategy outlines several key initiatives. It aims to enhance the visibility and accessibility of support for small businesses, unlock the City’s unparalleled networks, and develop a new support offer aimed at early growth companies and underrepresented groups. Additionally, it focuses on supporting growing firms to align with the City’s wider economic ambitions, in line with its “Destination City” vision. The strategy also seeks to streamline a fragmented business support landscape to provide excellent services and promotes openness and inclusivity by assisting a diverse range of founders and teams.
The launch event will feature prominent speakers, including Harpreet Kaur, winner of the 2022 Apprentice and Founder of Oh So Yum, who will share insights from her entrepreneurial journey.
Policy Chairman for the Corporation, Chris Hayward said:
“We are thrilled to introduce our first SME Strategy, which represents a significant step towards making the the premier destination to start and grow a business. Our commitment to small businesses is unwavering, and this strategy will ensure they have the support needed to thrive.”
Michael Lassman, London Regional Chair, FSB, said:
“We are delighted that the are signing FSB’s Local Leadership Pledge which gives a clear statement of intent to support small businesses within the local economy – who incidentally make up over 99 per cent of all businesses. We are keen to work with the City as they launch their first SME strategy. Supporting small businesses to access finance, win procurement contracts and attract new business are key priorities and this will lead to growth and greater employment opportunities.”
Karim Fatehi MBE, Chief Executive of the London Chamber of Commerce and Industry (LCCI) said:
“The London Chamber of Commerce and Industry is pleased to hear that the Corporation is taking proactive steps to welcome and support SMEs within the Square Mile. SMEs are the backbone of our economy and make up a vast proportion of businesses operating in the . Ensuring they have access to the necessary tools and resources is of prime importance to the growth of the City and for London as a whole. The Chamber looks forward to collaborating with the Corporation on this initiative and supporting its progress going forward.”
Mark Huxley, Master at the Company of Entrepreneurs added:
“We are living in an era of innovation across so many sectors, especially in the creation of the carbon reduction economy. With SMEs driving so much of the City, it’s vital that they have a fair share of voice. We are fully committed therefore to supporting this exciting strategic commitment in every way that we are able.”
The SME Strategy Report can be found online here.
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