On a warm summer evening in June earlier this year, the City of London Corporation launched its first SME Strategy. The launch was a vibrant event, bringing together entrepreneurs, SME support networks, stakeholders, and City Corporation representatives. There was an air of excitement and anticipation: for the City of London Corporation, it was the culmination of months, even years, of work; for everyone, it was the start of a new era for small business support in London.
A history of support and a vision for the future
Historically, the City of London Corporation has been a staunch advocate for SMEs. Its support has included licensing, ESG and net zero, cyber security, responsible procurement, and funding through the Samuel Wilson’s Loan Trust. Notably, the Small Business Research + Enterprise Centre has been a cornerstone of this support, offering business advice, free workspace, and access to crucial market data that is otherwise prohibitively expensive to small businesses.
With the new strategy, the focus is on building a more cohesive support network for London’s SMEs. The City Corporation has acknowledged that while various resources have been available in the past, the support landscape has, at times, been disjointed and difficult to navigate. The strategy aims to consolidate, simplify, and develop this support, ensuring that business owners can easily access the help they need, whether they are looking for mentorship, office space, or financial assistance.
A targeted approach: What’s new?
The City Corporation’s new approach to SME support consists of supplementing its in-house offer with available government funding and external partnerships to better cover key areas where small businesses need help.
The strategy breaks this down into five key pillars: Access to Finance, Access to Data, Access to Space, Access to Expertise, and Access to Networks. These pillars are designed to address some of the most common barriers that SMEs face, from navigating complex regulatory environments to securing the funding needed for growth.
There will also be concerted efforts to promote diversity, so that underrepresented groups have a support system tailored to their unique needs. For example, the City Corporation is running an Elevating Female Entrepreneurs network, with sessions addressing the specific issues women might face when starting a business. By offering this kind of mentoring and networking, the City Corporation aspires to foster a more inclusive business environment, one that encourages entrepreneurs from all walks of life to start their business in the Square Mile.
What does this mean for small business owners in London?
If you’re running a small business, the strategy could be a game-changer for you. The “Access to” offer will provide you with opportunities and more accessible support, as the City Corporation works towards its goals for each of the pillars. This includes:
-
Define what affordable workspace means for growing businesses in the Square Mile, as well as the impact that we can make for start-ups and small businesses with meanwhile use and pop-up schemes, in line with the City Plan 2040.
-
Collaborate with the British Business Bank and other financial institutions to help businesses become investment-ready and access more funding options.
-
Work in partnership with organisations like the London Chamber of Commerce and Industry, the Federation of Small Businesses, trade associations, and livery companies to organise events where founders can meet larger firms, potential collaborators, and investors.
-
Provide access to data that can help businesses make informed decisions, manage risks, and identify growth opportunities in a highly competitive environment.
-
Build on the existing in-house expertise and work more closely with City organisations, like the Company of Entrepreneurs, and offer free mentoring through partnership with the Association of Business Mentors.
Finally, the City Corporation will also advocate for small business on the issues that matter to them. This will mean working with central government to explore the future of business support with their London Growth Plan and supporting the Office of the Small Business Commissioner and the Department of Business and Trade with championing their late payment initiative for SMEs.
A new era for SMEs in London
The SME Strategy marks the City of London Corporation’s commitment to creating a business ecosystem that is as accessible as it is dynamic. It is a significant step forward in making the Square Mile not just a playground for big corporations but a nurturing environment for small businesses. By offering targeted support, simplified access to resources, and a commitment to inclusivity, the City of London is positioning itself as a premier destination for SMEs. For small business owners, the future in the Square Mile has never looked brighter.
For the latest headlines from the City of London and beyond, follow City Matters on Twitter, Instagram and LinkedIn.
