News: Government launches £25m London business fund

London businessLondon Mayor Boris Johnson has today announced a £25m fund to help small businesses in the city grow.

The fund is part of a £111m government investment to revive London’s economy.

The Mayor is hoping to get a private financial institution to match the investment, creating a £50m fund to help provide loans and equity for small and medium-sized businesses.

Steve Warwick from The Federation of Small Businesses said: “Our research shows that five in ten businesses in London were turned down for a loan or overdraft in the first quarter of 2013.

“This needs to be addressed as a matter of urgency which is why it is vital that the scheme announced today is attached to the soon to be created Business Bank which will house a myriad of similar funds.”

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Kasey writes about the latest small business and website news for bOnline. Find Kasey on Google+, or follow bOnline on Facebook, Twitter, LinkedIn and Google+

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