£23 million package for London SMEs

London Mayor Boris Johnson has announced a £23 million package to help the city's small businesses survive the credit crunch.

The announcement came at the annual meeting of the London Development Agency (LDA), where Mr Johnson promised a £20 million investment in business support.

This is set to include an earlier-than-planned start to access-to-finance programmes, to support SMEs and start-up companies "who have good prospects and who provide regeneration benefits".

Other measures include a £2 million investment to the Docklands Light Railway to Beckton, designed to add capacity and stimulate jobs in the area. Half a million pounds is set to go into Visit London's promotion of the capital as a "number one destination".

And a new programme to help businesses hone their competitive edge will include a series of business recovery seminars run by KPMG and Deloitte and an LDA market awareness campaign.

In addition, the LDA is funding a range of schemes to help people get into work, as well as targeting those who have lost or are about to lose their jobs.

Mr Johnson said: "The current economic downturn makes it all the more clear that the refocusing of the LDA's investment programme towards promoting jobs, skills and economic growth is the right approach.

"It gives a focus on the key issues for the capital's residents and businesses, helping to ensure that our city emerges in a stronger position once the upturn arrives."

IMAGECarl Court/PA