Entrepreneurs benefit from Mayoral support service
Over a quarter of a million entrepreneurs and small businesses have accessed Grow London Local, a “dedicated support service” set up by the mayor “to help them grow and thrive.” The service provides in-person and online support for small and medium-sized enterprises (SMEs) through London’s business growth agency London & Partners.
Business Support Managers work to help entrepreneurs “overcome barriers through skills training, expert guidance, and connecting with other business leaders to foster peer learning.”
London is believed to be home to over a million SMEs. These are defined as employing up to 249 people and around a quarter is facing financial vulnerabilities. Grow London Local hopes to help them access “the right support at the right time,” allowing them to be “financially resilient” and their business to thrive.
In January 2024, the mayor invested £8.7 million in launching the service and over a quarter of a million entrepreneurs have been reached and more than 16,000 have been helped. This is well over the initial targets of 132,580 and 12,484 respectively. While these are from all over London, the vast majority of entrepreneurs supported “come from communities who face additional barriers to finding help.”
“Grow London Local delivers on the Mayor’s 2021 manifesto pledge to create a ‘single front door’ for small businesses, uniting various schemes and resources under one banner, enhanced by the expertise of London & Partners,” says City Hall. “The Mayor has been clear that SMEs have a vital part to play in London’s economy, and in how it can help national growth. Ensuring people and businesses across the capital have the skills they need will be a focus of his new London Growth Plan, which he will soon publish alongside London Councils and London & Partners. The Plan will outline measures to improve the lives of all Londoners, drive the capital’s green transition, boost the economy and support prosperity in London and beyond.”
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