by Chris Hayward

The City of London Corporation’s growth and development plan for the Square Mile – City Plan 2024 – will help to secure continued prosperity for local, businesses, as well as its residents and visitors, for the decades to come.
Central to the plan is the creation of an environment where SMEs can thrive. LCCI and the City of London Chamber, who support the initiative, are right to point to the importance of business incubation centres for SMEs which “have been shown to be critical for sustainable business growth” and support “new entrants to the markets.”

Growth
As the political leader of the City of London Corporation, I couldn’t agree more. More than 21,600 SMEs call the City of London their home and last year has seen growth in SMEs with more in the City than at any other point in the last five years. Whilst our financial and legal service sectors remain strong, tech is the fastest growing sector over the last year, with the highest jobs growth and 130 additional firms joining us here.
It is, therefore, critical that our SMEs have the support they need in order to grow, whether it be access to space, finance, data, networks, or expertise. This is something the City Corporation will deliver on, which is why the LCCI’s letter of support for City Plan 2040, is so timely.

Actions
I recently launched our first SME Strategy at the Guildhall, through which we are committing to a number of actions, alongside LCCI, Federation of Small Businesses, Company of Entrepreneurs and others:

  • First, de-silo our operations and increase visibility of our business-facing support so we can explain to businesses what support is available in a way that is clear, comprehensive, and accessible.
  • Second, increase our partnership working to add value to the existing SME offer – joining up what is generally a confusing and fragmented support environment, and adding value where we can. This recommendation seeks to provide a front door to the business support available across the City, from LCCI to London Universities and our Livery.
  • And most importantly, develop a new, targeted support offer aimed at early growth companies and under-represented groups in line with our wider economic goals as a Corporation.

Support
As a result, local SMEs can expect support from us in five key ways:

  • The first is through 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, supporting SME’s 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.
  • Then there is access to space, supporting growing firms to locate and expand in the City through activation of empty units and meanwhile use.
  • Through access to expertise, we will build on existing in-house knowledge to strengthen the City’s offer and work more closely with City organisations such as the Company of Entrepreneurs, as well as offer free mentoring in partnership with the Association of Business Mentors.
  • Furthermore, through access to networks, we will create a vibrant business environment by supporting networking opportunities and enhancing our existing events programme.
    In the City, total employment over the period 2016 – 2051 is projected to increase from 557,000 to 731,000, an increase of 31.2 per cent, so it is crucial that our commitment to SMEs remains unwavering. This strategy will ensure they have the support needed to thrive long into the future.

Chris Hayward is chair of the policy and resources committee of the City of London Corporation
https://www.cityoflondon.gov.uk/supporting-businesses/city-corporations-sme-strategy