Vince Cable announces ‘wave of activity’ to boost SME growth

  Small firms in the UK are being targeted for growth as part of a “wave of activity” announced on November 6th by business secretary Vince Cable.   The first funding from the British Business Bank investment programme sees £45 million placed with Praesidian Capital Europe and BMS Finance, helping them to offer up toRead More

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Small firms in the UK are being targeted for growth as part of a “wave of activity” announced on November 6th by business secretary Vince Cable.


 

The first funding from the British Business Bank investment programme sees £45 million placed with Praesidian Capital Europe and BMS Finance, helping them to offer up to £125 million in debt finance through new funds, both of which are expected to begin lending early next year.

 

Further measures are due to see other kinds of support given to UK SMEs, including:

 

  • 10,000 firms to benefit from specialised coaching under the Growth Accelerator scheme;
  • £1 million Sector Mentoring Challenge Fund to provide access to expertise within SMEs’ own field of work;
  • £10 million start-up fund for synthetic biology to help new businesses get off the ground.

 

The GREAT campaign also sees the launch of a new website, www.greatbusiness.gov.uk, to provide access to products and services for SMEs.

 

Mr Cable says: “Alongside cutting red tape and increasing the take-up of business rate relief, government has already made significant progress in improving the business outlook for small firms and entrepreneurs.”

 

Finally, as 2013 draws to a close, small businesses will receive one last Christmas present from Parliament, in the form of a cross-government strategy on support for SMEs.

 

This is due to be published in December and aims to ensure the UK’s five million small businesses have the tools they need for growth – and to underpin growth in the economy as a whole.

 

It is aimed at ambitious firms with an appetite for growth, and is likely to span a range of measures from innovation to the export market, with a particular focus also on improving access to finance for SMEs.

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