The City of London Corporation has launched its first Small and Medium Enterprise (SME) strategy, a comprehensive plan aimed at ensuring the City of London remains the UK’s premier destination 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 was unveiled at a celebration event at Guildhall and formalises the City Corporation’s approach to supporting SMEs.
This will be by enabling:
Access to finance – working closely with institutions such as the British Business Bank and high street banks to help City businesses navigate what finance options are open to them.
Access to data – support for SMEs’ access to 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 for growing firms to locate and expand in the City through activation of empty units and meanwhile use.
Access to expertise – building 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 offering free mentoring in partnership with the Association of Business Mentors.
Access to networks – ensuring 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 City of London Corporation underlined its commitment 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 (https://www.cityoflondon.gov.uk/supporting-businesses/city-corporations-sme-strategy) outlines several key initiatives including enhancing the visibility and accessibility of support for small businesses, unlocking the City’s networks, and developing a new support offer aimed at early growth companies and under-represented 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 top quality services while promoting openness and inclusivity by assisting a diverse range of founders and teams.
Policy chairman for the City of London Corporation Chris Hayward said: “Our first SME Strategy represents a significant step towards making the City of London 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, FSB London Regional Chair added: “We are delighted that the City of London 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’re 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.”
“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,” commented Karim Fatehi MBE, chief executive of the London Chamber of Commerce and Industry (LCCI).
“SMEs are the backbone of our economy and make up a vast proportion of businesses operating in the City of London. 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 City of London Corporation on this initiative and supporting its progress going forward.”
“We are living in an era of innovation across so many sectors, especially in the creation of the carbon reduction economy,” pointed out Mark Huxley, Master at the Company of Entrepreneurs. “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.”
