Government introduces new measures to support SMEs

The Government has revealed a raft of new measures designed to support the UK’s small business sector, according to Skills and Enterprise Minister, Matthew Hancock.
 
Mr Hancock, who was speaking at the Federation of Small Business’ (FSB) 40th anniversary conference, said the Government is to create 20 business schools as part of a new ‘Small Business Charter’.
 
The charter aims to develop business schools as “anchor institutions” that are well-positioned to support small businesses in their respective regions.
 
“Small businesses are the lifeblood of our economy and with two thirds preparing to expand it is our desire to make sure they have everything they need to thrive,” said Hancock.
 
“Small businesses should influence and inform Government on what advice and support works best for them, so I’m pleased to be able to announce further measures that allow them to provide their input.”
 
The minister also confirmed they will be appointing two new Entrepreneurs in Residence, who will assist the Department for Business, Innovation and Skills in shaping small business policy.
 
Additionally, Mr Hancock announced a new £1 million technology design competition to drive innovation among creative small firms.
 
John Allan, national chairman of the FSB, said: “The FSB welcomes this ongoing focus on small businesses at the heart of Government, and especially efforts to sharpen up the support offered to them.
 
“Maximising the expertise business schools offer can only enhance growth prospects for small firms, and the development of growth hubs should provide a much clearer signposting of the wide range of support there is available.”
 
Chancellor, George Osborne also spoke at the conference, revealing a new consultation on plans which require lenders to release information on SMEs they reject for finance, so they can be identified and approached by alternative credit providers.

Date published 2 Apr 2014 | Last updated 2 Apr 2014