The City of London Corporation has launched its first small and medium-sized enterprise (SME) strategy, a comprehensive plan aimed at ensuring the City of London remains the UK’s leading destination to start and grow a business.
The city is home to over 21,000 SMEs, the highest concentration in the UK. The technology sector stands out, which has grown by 130 companies (5%) last year or 365 (17%) since 2019, before the pandemic. This landmark strategy was unveiled at a celebratory event at Guildhall and formalises the City Corporation’s approach to supporting SMEs.
This will be enabling:
Access to finance: working closely with institutions such as the British Business Bank and major banks to help the city’s businesses navigate the finance options available to them.
Data Access: Supporting SMEs’ access to City Corporation’s wide range of business databases, to provide them with valuable data-driven insights and help them mitigate risks and capitalize on growth opportunities in a competitive business environment.
Access to space: Support for growing businesses to locate and expand in the city by activating empty units and using them in the meantime.
Access to expertise: Leverage existing internal expertise to strengthen the City’s offering and work more closely with City organizations such as the Company of Entrepreneurs, as well as offering free mentoring in partnership with the Business Mentors Association.
Networking Access: Ensure a vibrant business environment by supporting networking opportunities and enhancing our existing events programme.
Led by policy chair Chris Hayward and with key contributions from lead member for SMEs, Paul Singh, the strategy was developed to strengthen the SME support ecosystem within the Square Mile.
As the governing body of the Square Mile, the City of London Corporation underlined its commitment to improving support for the city’s SMEs. This strategy also aims to raise the Corporation’s profile within the wider business support network in London, involving key partners such as the Federation of Small Businesses (FSB), the London Chamber of Commerce and Industry (LCCI), The Company of Entrepreneurs and several City-specific organizations, including Livery Companies and City University.
The strategy for SMEs (https://www.cityoflondon.gov.uk/supporting-businesses/city-corporations-sme-strategy) outlines several key initiatives including improving the visibility and accessibility of small business support, unlocking city networks and developing new support offering targeted at early growth businesses and underrepresented groups.
Additionally, it focuses on supporting growing businesses to align with the city’s wider economic ambitions, in line with its ‘Destination City’ vision. The strategy also seeks to optimize a fragmented business support landscape to deliver high-quality services while promoting openness and inclusivity by supporting a wide range of founders and teams.
City of London Corporation policy chair Chris Hayward said: “Our first SME strategy represents a significant step in making the City of London the leading destination to start and grow a business. “Our commitment to small businesses is unwavering and this strategy will ensure they have the support they need to thrive.”
Michael Lassman, FSB London Regional Chair, added: “We are delighted that the City of London has signed the FSB Local Leadership Pledge, which is a clear statement of intent to support small businesses within the local economy, which by the way they represent more than 99 percent of all companies. business.
“We are interested in working with the city on the launch of its first SME strategy. “Supporting small businesses to access finance, secure public contracts and attract new business are key priorities and this will lead to growth and greater employment opportunities.”
“The London Chamber of Commerce and Industry is pleased to hear that the City of London Corporation is taking proactive steps to welcome and support SMEs within the Square Mile,” said Karim Fatehi MBE, chief executive of the London Chamber of Commerce and Industry. London Chamber of Commerce and Industry (LCCI). ).
“SMEs are the backbone of our economy and make up a large proportion of the businesses operating in the City of London. Ensuring they have access to the necessary tools and resources is of paramount importance to the growth of the City and London as a whole. “The Chamber looks forward to working with the City of London Corporation on this initiative and supporting its progress in the future.”
“We live in an era of innovation in many sectors, especially in creating a carbon-reducing economy,” said Mark Huxley, Master of Company of Entrepreneurs. “As SMEs drive much of the city, it is vital that they have a fair share of their voice. “We are therefore fully committed to supporting this exciting strategic engagement in every way we can.”