Business Secretary Vince Cable has launched a campaign to help the UK’s 4.9 million small businesses to grow.
Mr Cable unveiled a raft measures designed to help smaller firms, including:
- A new £1 million Sector Mentoring Challenge Fund to help firms benefit from support and advice from experts in their own field of work;
- A £10 million synthetic biology start-up fund from the Biotechnology and Biological Science Research Council (BBSRC) to help entrepreneurial scientists working in this field to turn their business ideas into reality, and
- The Growth Accelerator Scheme, which provides specialised coaching to small businesses with high growth potential and has already helped thousands of firms.
Mr Cable also unveiled the first funding allocation from the British Business Bank’s investment programme.
The first £45 million of funding will be committed to Praesidian Capital Europe, which will receive £30 million, and BMS Finance, which will get £15 million. This will be used to provide debt finance of around £125 million through each provider’s respective new funds. It is anticipated that both funds will begin lending to SMEs from early 2014.
Mr Cable said: “We have set out a comprehensive package of measures that will address the concerns of small firms. The first investments from the British Business Bank’s investment programme will provide choice to smaller businesses looking to secure vital finance to help invest.
“Alongside cutting red tape and increasing the take up of business rate relief, the Government has already made significant progress in improving the business outlook for small firms and entrepreneurs.”
At Milsted Langdon, our dedicated corporate finance team can assist with a wide range of matters, from appealing against bank lending decisions to helping businesses raise valuable finance through a number of alternative sources, such as Funding Circle. For further information on how our corporate finance specialists can help your business, please contact us.