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Go for gold at Olympics with business loans
Reported on Tue, 21 Feb 2006
Business loans could help small and medium sized enterprises (SMEs) to win lucrative contracts for the 2012 London Olympics.
A new report by the London Assembly has recommended that SMEs in and around the capital be given more support for the contract bidding process.
While SMEs are unlikely to compete with multinational corporations for the major contracts, the Olympics committee believes that more information and increased support will help local businesses secure subcontracts.
Dee Doocey, committee chairman, explained it was imperative for London businesses' financial future that SMEs receive all the support they need for Olympics contracts.
"London's small firms must be allowed to compete for Olympic contracts if the games is to succeed in achieving an economic legacy," she said.
"Ninety-nine per cent of London firms are small businesses employing less than 50 people. This is a third of all employment in the capital. Their involvement in Olympics work is key to maximising the benefit of hosting the games."
A low-rate business loan is a great way for SMEs to gain a competitive edge when bidding for Olympics contracts.
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