Other News
Real help for London's small businesses - Minister visits Newham companies
Sector: :Local Government
Date Created: Wed 15th Apr 2009, 11:22:54
Source: Regional Minister For London
Link: http://www.realhelpnow.gov.uk
UK - Stephen Timms, Financial Secretary to the Treasury, visited Newham to see how the borough is working with Business Link during the economic downturn to deliver support services to small and medium-sized enterprises (SMEs) as part of the Government's Real Help Now initiative.
At Waterfront Studios, near Victoria Dock, which provides office space to small businesses, he met Benjamin Smart, Business Link's regional manager in London, and local Business Link advisors, Jane Anderson and Steve Howey. He also met members of several of the companies based at Waterfront, including Bayo David, owner of Creative Design, one of the local SMEs Business Link has helped.
Stephen Timms highlighted the wide range of government help available to get London's businesses through the recession and to ensure they emerge stronger on the other side. This support, delivered primarily via Business Link, includes help to secure credit and finance, help with business management in difficult times, and help with investing for the future.
Since October 2008, Business Link has conducted more than 3,400 business healthchecks for London SMEs; and it dealt with more than 5,000 calls for advice in January 2009 alone. In addition, under the Enterprise Finance Guarantee (EFG) scheme, more than 150 loans had been offered to businesses in London by the end of March 2009.
The EFG is one of the schemes the Government is working on with UK banks and the European Investment Bank to keep lending moving, especially for SMEs. It can provide a loan of up to £1m, and the money to convert an existing overdraft into a loan so that an overdraft facility can be freed up for other working capital demands. Local Business Link staff can advise on this and other financial help that is available.
Real Help Now also outlines other support available including advice for businesses on alternatives to making employees redundant, help for people to find new jobs, and incentives for businesses for recruitment and training.
It also highlights the tremendous business opportunities offered by the London 2012 Games and its legacy, not least to the Olympic boroughs, with more than 50,000 contracts being offered.
Stephen Timms said:
"It's great to see London boroughs working in partnership with Business Link in London to deliver Real Help Now for local SMEs. I am very pleased that Newham has signed up to a target covering all London boroughs on apprenticeships and is promoting their use among suppliers and local businesses.
"It is also encouraging to see companies like Creative Design getting the help they need from Business Link and through Real Help Now to steel themselves against the recession and build the foundations for growth in the future."
Benjamin Smart, Regional Manager at Business Link in London said:
"It is clear that a core part of any economic recovery will be driven by small businesses like Creative Design. This is why we are doing all that we can, not only to help small business owners weather the storm, but to equip them with the right tools to exploit good business opportunities.
"We provide immediate support for businesses faced with the threat of insolvencies or redundancies and we also provide a range of targeted support and assistance to businesses wanting to strengthen their business planning."
Bayo David, owner of Creative Design, was optimistic about his business prospects for the coming year. He said:
"Certainly, the deepening recession has made things harder for our business - but from our perspective, there's no need to panic.
"Thanks to the support and advice of Business Link, and the Real Help finance made available, we're confident we have a robust business model and sales strategy that will allow us to strengthen our business and continue to provide the highest levels of service to our customers."
