New £1m Fund Launched to Boost Inner-city Businesses

Entrepreneurs in some of the most deprived parts of London may be able to get up to £10,000 towards the costs of developing their business talents and management skills as part of a new £1 million fund from the London Development Agency (LDA).

The LDA and leading regeneration think tank the New Economics Foundation are today launching the Inner City Entrepreneurs Fund to improve the competitiveness of inner city business in London. The fund will provide firms with some of the costs of informal development activities such as mentoring or networking projects or for more formal training for both senior and junior staff.
The fund will be operated by the Inner City 100, a project of the New Economics Foundation that locates and celebrates the fastest growing inner city enterprises in the UK. Firms wishing to apply to the Fund must have been running for at least five years, employ a minimum of five people and be able to demonstrate that they are socially and environmentally responsible. The criteria for applying to the Fund are the same as those for the Inner City 100 Index, which is now open for nominations.

Michael Ward, chief executive of the London Development Agency, the Mayor's job-creation agency, said: "As a business-led Agency, we are working hard to regenerate London's inner-city areas by helping improve the performance of local businesses, creating local jobs in the process. This type of fund is crucial if we are to build on the success of inner-city entrepreneurs since they are vitally important in maintaining and generating prosperity for local communities around London."

Andrea Westall, Deputy Director of New Economics Foundation, said: "We are delighted to be working with the LDA to deliver tangible benefits to inner city business. This is a unique fund in that has been developed to genuinely reflect the training and development needs of small and medium businesses in the inner city in London. It is flexible, easy to access and will work to boost London's entrepreneurial skills."

Gary Beckwith, Managing Director of City Cruises based in Southwark, is applying to the Fund in order to offer his staff an apprenticeship-style opportunity to learn a new skill.

Mr Beckwith, whose firm won a place on the 2002/3 Inner City 100 Index of the fastest growing businesses in the UK's inner cities, says: "You must never underestimate the importance of a skilled, motivated workforce. I am honestly more afraid of not training my staff and them staying, than training my staff and having them leave."

Firms wishing to apply to the Inner City Entrepreneurs Fund, or nominate for the Inner City 100 can find full details and apply online at www.theinnercity100.org or contact Rachael Osaigbovo at Inner City 100 on 020 7089 2836 or rachael.osaigbovo@neweconomics.org

Notes to editors:

1. The Inner City Entrepreneurial Fund will be launched at the Delfina Gallery, 50 Bermondsey Street, London SE1 3UD on Wednesday 26th February 2003 from 6pm until 8.30pm.
2. The LDA is London's job-creation agency. Working for the Mayor, and in conjunction with business and a wide range of other organisations, the LDA actively pursues economic opportunities for London and all Londoners. It uses its financial resources, property and land assets, and its influence to:
• Support business, industry and the economy
• Attract investment
• Develop skills and knowledge
• Revitalise the city
• Promote equality and diversity
• Unite London
3. The Inner City 100 is a yearly business index that locates and celebrates the 100 fastest-growing inner city enterprises in the UK. It is led by the New Economics Foundation, an independent think tank with renowned expertise in generating new models of wealth creation and social inclusion.
4. The Inner City 100 Index is a high profile project with partners such as The Royal Bank of Scotland and NatWest as lead sponsors, the Financial Times, the London Business School and the Bank of England, whose patrons include The Chancellor of the Exchequer and Sir Alan Sugar.