Boris Johnson says he appreciates the importance of small and medium businesses for the UK economy, image and employment and is doing everything he can to support them. This is clear from the interest rates on the loans of 6.8% if secured by property and 8.8% if not, the EU's lowest allowed rates. Nevertheless, the Mayor has been criticised for being slow to respond to a problem which has been around for some time now.
This fund will undoubtedly help many businesses across London; however it will not have the desired effect of reducing unemployment increases and bolstering the UK economy if more money is not made available as this pot runs out. Find out more from the BBC article.