2 February 2009
City of London Corporation bolsters SMEs in City fringes
City of London Corporation launches six new projects to add to
existing SME business support activity
As the economy toughens and small and medium sized enterprises
(SMEs) face increasingly new challenges, the City of London
Corporation has unveiled six new supply chain business support
projects to help SMEs in the City and City fringes secure business.
These initiatives will add to the City of London Corporation’s
existing wide ranging programme of SME business support in
operation in the City and the surrounding boroughs[1].
The new business support projects have been launched in response
to research published in September 2008 on ‘The City of London’s
Supply Chain and its relationship with the City fringes,’ jointly
commissioned by the City of London Corporation and the City Fringe
Partnership. This research found that the City fringes’ SMEs could
improve their share of City expenditure from the current 4% to as
much as 13% of the City supply chain.
Stuart Fraser, Chairman of Policy and Resources Committee, City
of London Corporation, says, ‘Small and medium-sized businesses
tend to rely on one or two main clients which can leave them
extremely vulnerable. We’re working to nurture the business
pipelines of SMEs in the City fringes and simultaneously allow them
better access to business growth opportunities on their doorsteps.
Local SMEs in the supply chain benefit purchasers in terms of the
range, diversity, flexibility and innovation of offerings.’
John Wright, Chairman of Federation for Small Businesses, says,
“We are delighted that the City of London Corporation is working to
support local small businesses with its SME business support
activity. This mirrors our Keep Trade Local campaign which calls
for measures to support independent businesses in supply chains and
sustain the high street. “Small businesses are as important in the
Square Mile as in the outer suburbs of the capital. The City of
London Corporation’s supply chain business support projects, as
well as advisory, workspace and financial support will provide
opportunities for small businesses to prosper in this economic
climate.”
Local procurement
Following the publication of the research, ‘The City of London’s
Supply Chain and its relationship with the City fringes,’ City of
London Corporation launched a Local Purchasing Strategy Toolkit to
assist City businesses in sourcing local personnel, products and
services, targeting the areas classed as some of the top 10% most
deprived boroughs in the UK including Tower Hamlets, Lambeth and
Camden. As well as offering working groups for City businesses
wishing to buy locally, the City of London Corporation has launched
a seminar series for City businesses which will cover all
procurement agendas from supplier diversity to both green and
ethical procurement.
Supply chain business support projects
To support local SMEs’ role in the City’s supply chain, the City
of London Corporation is funding six new supply chain business
support projects which will form a 15 month-long programme of
activity including: programmes focusing on quality and management
assistance; one-to-one sessions with business counsellors; seminars
improving SMEs knowledge of the tendering process and workshops
covering quality assurance, environmental, and health & safety
policies. This will culminate in a large scale ‘Meet The Buyers’
event scheduled to take place in March 2010 in which 125
tender-ready SMEs in the City fringes will meet over 30 City
businesses and their outsourcing firms.
SME accounts payable system
In November 2008, the City of London Corporation acted to
support the Government initiative to shorten the remuneration
period for SMEs and reduced its payment terms on the accounts
payable system for any suppliers understood to be SMEs to 10
days.
SME finance
With publicly backed finance playing a critical role in
promoting the development of SMEs, particularly within deprived
communities, accordingly since 1999, the City of London Corporation
has invested £8.5m in SME loan funds.
SME workspace initiative
The City of London Corporation works in partnerships to make
certain properties with affordable workspace and flexible leasehold
opportunities available for let to SMEs. The major SME Workspace
Initiative increases the amount of space for SMEs available in the
City fringes and beyond by identifying opportunities for investment
in premises and sites. Two developments have been completed to
date: 1 Alie Street, a former Bank of America property in Tower
Hamlets and now a high spec office space for SMEs in financial
services and ‘City support’ sectors; and Waterhouse, an energy
efficient, eco-friendly office space in the East End for creative
sector businesses. For more information, please email
partnerships@cityoflondon.gov.uk
Gateway to London
City of London Corporation contributes £20,000 a year to Gateway
to London, a public/private sector partnership which aims to
encourage investment and business expansion projects in the Thames
Gateway Region. As well as promoting the benefits of the region to
investors, Gateway to London provides businesses with a wide range
of advice and guidance about relocation to the area. For more
information, please visit
www.gtlon.co.uk
GLE oneLondon
Every year, GLE oneLondon supports 5,000 new and
early-stage businesses and entrepreneurs in under-served
communities with finance, training, advice and mentoring. City of
London Corporation makes an annual contribution of £25,000 towards
GLE oneLondon’s business support activities and, in
2007/8, funded the delivery of the Community Outreach Project in
Stockwell, North Lambeth which explored self-employment as a route
out of unemployment. For more information about GLE
oneLondon, please visit
www.gle.co.uk/onelondon
Inward investment services
The City of London Corporation Inward Investment team provides
free general advice and assistance for SMEs as well as larger
businesses looking to set up in the City and surrounding fringe
boroughs. This includes financial services expertise,
identification of suitable office space, contacts and connections
to help identify professional services such as accountants, lawyers
and suppliers, research. For more information, please email
inward.investment@cityoflondon.gov.uk
City Property Advisory Team
The City Property Advisory Team aims to ensure that SMEs and
larger businesses find and retain premises in the City and fringes
most suitable for their needs. The team provides a general point of
contact for estate, facility and property managers to advise on key
issues such as infrastructure and streetscene and has detailed
knowledge of upcoming building developments, all of which is
provided on a free of charge and confidential basis. The team will
also arrange briefing meetings on major works and events happening
in the City which may affect occupiers. For more information,
please email
cpat@cityoflondon.gov.uk
Ends
For further information, case studies or quotes, please contact
Rain UK - rosalind Jeffcoat or Neil Cassley on 00 44 (0)20 7222
4345 or email
rosalind.jeffcoat@raincommunications.co.uk
Notes:
For more information about the City of London’s SME support
programme, please visit
/Businesssupport or see below.
The City of London Corporation
The City of
London Corporation is the “business authority for the business
district” and supports the international financial services
industry based in the UK, with its heart in the Square Mile. It
provides local authority services for the Square Mile but also
works across wider London and UK.
The City of London’s Supply Chain and its relationship with the
City fringes,’ September 2008
Local Procurement
For more information, please visit the
local procurement pages.
www.cityoflondon.gov.uk/Corporation/LGNL_Services/Business/Tenders_and_contracts/local_procurement.htm
Supply Chain Business Support
For
individual business support projects, please visit: ·
SME Workspace Initiative
For more
information, please email
partnerships@cityoflondon.gov.uk
Gateway to London
For more information, please visit www.gtlon.co.uk GLE oneLondon
For more information about GLE oneLondon, please visit
www.gle.co.uk/onelondon For more
information about the Lambeth Community Support Project, please
email liam.h@gle.co.uk,
Senior Business Adviser, oneLondon South Central.
Inward Investment Services
For more
information, please email
inward.investment@cityoflondon.gov.uk
City Property Advisory Team
For more
information, please email
cpat@cityoflondon.gov.uk
[1] Local Procurement; Supply Chain Business Support
Projects; SME Accounts Payable System; SME Finance; SME Workspace
Initiative; Gateway to London; GLE oneLondon; Inward Investment
Services; and the City Property Advisory Team.