London launches new fund to help local businesses survive COVID and Brexit

The dual threat faced by London’s enterprises might prove too much to bear without government support

Businesses in London (and across the UK) are faced with a double disaster. On the one hand, it is the COVID-19 pandemic that is rampaging throughout Europe, causing immeasurable damage to economies and people’s livelihoods.

Meanwhile, the United Kingdom is bracing for an increasingly likely no-deal Brexit at the end of the year. The expiration of the transition period that was supposed to be used to prepare the British economy for the divorce from European markets will most likely result in an even greater catastrophe for business owners and citizens.

Local governments doing what they can

In order to help as many businesses as possible to prepare for these two calamities, local authorities in London have launched a new scheme, alongside the London Business Hub that will give them the tools they need to stay afloat during these turbulent times.

The fund, worth £1 million is also joined by an online portal that will help local firms sustain the incoming damage and will equip around 240 businesses with the skills and knowledge they need to protect themselves from future economic shocks. Thanks to the City Council’s partnership with the London Business Hubs, SMEs will be able to work alongside renowned experts to come up with solutions tailored to their needs and to the specific challenges that they face.

The Mayor of London, Sadiq Khan, stated that “The London Business Hub and this new fund will help our businesses tackle the dual challenges of COVID-19 and the risk of a no-deal Brexit. The coronavirus pandemic has hit London’s business community hard, with social distancing requirements and a reduction in footfall leaving many small and medium-sized companies struggling to survive. As many continue to worry about their cashflow and how they’re going to pay the bills, I want to do all I can from City Hall to provide the practical help and support London’s SMEs need to get through these difficult times.”