Newable and JP Morgan’s emergency support programme provides vital help for SMEs
Newable, the London-headquartered provider of money, space and advice to SMEs, has launched an emergency “Small Business Resilience” programme in conjunction with JP Morgan.
Businesses, particularly SMEs, have been hit hard by the Covid-19 outbreak and many are facing a sudden and dramatic drop in revenue as they struggle to sustain themselves.
JP Morgan approached Newable’s Social Impact team to develop an emergency nine-month programme, named “Small Business Resilience”, focused solely on providing support for small businesses during these turbulent times. The work builds on the existing relationship between the two organisations which goes back to 2015 and includes the delivery of a number of Social Impact programmes to promote diversity and inclusion in business.
SBR assists London-based small businesses to navigate through the national economic crisis by helping business owners modify or sustain their business processes and delivery in a climate of socio-economic uncertainty.
The programme has two main focuses; to map and coordinate business support available in London and to guide SMEs through the grant and other financial relief options and support them with transformation support via video calls and special webinars. Newable’s advisors will help SMEs in acquiring the necessary skills and knowledge to sustain their businesses, effectively present propositions to grant makers and ultimately maximise resilience after funds have been introduced.
There has already been a positive response from SMEs with hundreds signing up to the webinars and 25 clients assigned to business advisors within two weeks of launch. The programme aims to help 200 small businesses in London over nine months.
Sehri Mirza, project manager at Newable, explains: “SMEs are the heart of our economy, employing over 16.6 million people. Many small businesses were not prepared for the Covid-19 lockdown. We recognised that this crisis has created two major challenges for small businesses: cash-flow and transformation. Together with the support from JP Morgan, we aim to guide small businesses through this crisis and help them to survive, sustain and transform in line with changing consumer behaviours.”
