What the London Business Support Strategy means for your business

London's one million micro, small and medium-sized enterprises (SMEs) are the backbone of the city's economy, yet the business support system that many rely on to grow and thrive is fragmented and failing too many.

While London has strong and, in places, excellent provision – from university enterprise programmes and borough services to sector accelerators and national schemes – the overall system is hard to navigate and does not work equally for everyone.

Despite an extensive offer, fewer than half of SMEs that need support access it.

Businesses report encountering a complex landscape, unclear pathways and persistent inequalities in access to high-quality provision, particularly for established SMEs and scaleups.

That's where London's Business Support Strategy comes in, unlocking new opportunities to tap into your potential to start or grow a business.

This strategy incorporates evidence from more than 100 sources (including national surveys of small business owners, a call for evidence with 30 responses and stakeholder engagement workshops and roundtables) and clear actions set to improve support for London's SMEs.

The goal is to create a more collaborative, inclusive and sustainable system of business support built on three main pillars – keep reading to find out more about each.

Foundation one: Backing London's businesses with world-class infrastructure

Make business support easy to find through frictionless, pan-London navigation.

Having access to business support that's easy to navigate is key to helping London's small business owners succeed.

By creating a more coordinated system that aligns multiple organisations and brings them straight to you, this strategy sets out the plans to improve the current business support landscape.

This means better digital resources, with more support available across all of London – including the launch of a new tool to help you navigate the finance support available.

The new Grow London Local Money hub, launched on 1 April and delivered by London & Partners, will help you navigate the funding landscape and connect you with tools to improve your financial capabilities.

The Business Support Strategy is also set to help you find workspaces across the city, giving you more flexibility.

This could be particularly useful if you're just starting out and haven't yet got the budget to open your own studio or premises.

The strategy actions also include joining up with UK-wide campaigns and support schemes, so that London businesses can tap into the wider support available across the UK.

Foundation two: high-quality support for every London business

Working with providers and investors to address gaps in business support.

As a small business owner, you may have previously tried to access support for your business – only to find that you're not eligible or the support available doesn't accurately reflect the needs of your business.

With emerging trends such as artificial intelligence (AI) or reaching net zero goals, finding the right support has never been more crucial.

To help you navigate an ever-changing business landscape, there's more support available for underrepresented founders.

The London Business Support Strategy is set to bring more inclusive, high-quality support to every business in the city.

Creating a truly inclusive economy starts with understanding the needs of small business owners, much like yourself, and bringing together support that's specific to your sector, growth phase or industry.

Foundation three: securing sustainable funding

Convening partners and advocating for long-term investment in London's business support system.

The funding for London's business support is changing.

Major public funding programmes like the UK Shared Prosperity Fund (UKSPF) are coming to an end, leaving a potentially significant gap in London's business support funding.

The strategy is bringing together major private funders of business support to better co-ordinate existing programmes and to help make sure there is funding for the long-term.

Download the London Business Support Strategy

Find the right support for your business

At Grow London Local, we understand that you’re passionate about your small London business. That’s why our website is packed with resources tailored to you. Find more support