Small businesses in Waltham Forest are weathering the economic storm better than most, new research has found

According to a survey of 89 businesses, conducted by Business Link in London, 77% say the recession has had a significant impact.

But 78% remain optimistic about the future and 47% say they still plan to expand in the next year.

Jumie Fawole, 44, who owns African restaurant Mahogany, in Lea Bridge Road is among a group of business people in the borough deemed most likely to expand.

A start up business, she also falls into the catergory of black, Asian and minority ethnic (BME) and hopes to buy up two neighbouring shops.

She said, "I believe the thing to do, especially as we're near the Olympic village is to be more innovative".

Mrs Fawole is running various promotions as well as hiring the restaurant out for functions and remains hopeful despite struggling.

She said, "It's have to become a family-run business.  My children come in and help out so I don't have to pay wages, just to be able to meet with my debts".

But she believes business is already picking up and hopes to employ staff again in September.

Michael Polledri, Chairman of Lee Valley Estates and of the Waltham Forest Business Board, said he believes small businesses have shown resilience in the last year.

He said, "We're a small business borough and all the evidence suggests that small and medium sized enterprises will take us through the credit crunch.  I think Waltham Forest is pretty well placed in that sense.

He added that the borough's diverse ethnic make-up is also helping.

"We have new people coming to the borough all the time and the fact is that we've had a whole series of waves of new businesses coming with them", Mr Polledri said.

by Claire Hack, reporter for the Waltham Forest Guardian