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Business loan for SME Olympics investment
Reported on Fri, 03 Mar 2006
Small and medium sized enterprises (SMEs) have this week been reminded of the opportunities that the 2012 London Olympics will bring, and business loans could help entrepreneurs to invest in new areas.
The Olympics Business Briefing was held this week, organised jointly by the London Development Agency and Lloyds TSB, when it was revealed that the revenues of SMEs could be collectively boosted by between £6 billion and £10 billion, which represents about a one per cent increase in the UK's GDP.
David Morton, senior business manager for Lloyds TSB, explained that it was important SMEs felt the beneficial effects of the Olympics not only in the build up to and during the games, but also long after the medals had been awarded and the athletes had gone home.
"The 2012 Olympics presents a massive opportunity for thousands of businesses to raise their profile and reach new markets. Work is already underway to improve transport systems and develop the area's tourism infrastructure, but, as the games draw closer, many more opportunities will emerge," he said.
Mr Morton added that the businesses in particular that could reap the rewards of the London Olympics include hotels, restaurants, pubs, retailers, construction firms and builders.
There are over four million SMEs in the UK all vying for a piece of the Olympics pie, but a business loan can help SMEs to invest in new areas and get an edge over competitors.
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