Tony Nicholls
It was announced recently that Boris Johnson is pledging to launch a £35m low-cost loan scheme to help small businesses in London, if he is re-elected in May.
The money is set to come from the £70m allocated in last month’s budget to help boost ailing economic growth and boost capital development. The loans could potentially help around 500 small companies in the city and help boost the economy.
This announcement comes just weeks after our co-founders met with the Chancellor, George Osborne to discuss the National Loan Guarantee Scheme (NLGS). The scheme allows businesses to access loans with a small interest rate of only one per cent, compared to those available outside the initiative – making it cheaper and easier for businesses to borrow money.
These loans signal a real effort by the government to keep the promises made pre-election, by encouraging investment in the private sector and SMEs.
As a small business ourselves, we truly understand and appreciate the benefits of these loans. Having been through this process first hand, we can firmly say that without the loans we have received, we wouldn’t have been able to grow at the rate we have been. It is great to see the government investing in small businesses and helping drive the economy out of this recession.
So it would appear that things currently seem to be going well and in the right direction for small businesses in the UK. Government loan incentives, London specific loans and a relatively positive budget announcement, things look on the up – right?
What are your thoughts, have you experienced any positive impacts on your business as a result of these announcements?
Shaz Manelli
