The Chairman for the West Cheshire, Merseyside, and Wigan Federation of Small Business (FSB) branch has asked for the Government to offer more support to the very ‘fragile’ SMEs in the area throughout the coming year. Within his New Year message John Allan explained that there are some signs of entrepreneurial confidence coming back, the confidence is very shaky and will need some warm nurturing.
Allan went on to stay that more lending needs to be made easily accessible for small businesses that have room to grow and that tax regulations need to be easier to understand. He went on to explain that even though the economy may be tough small businesses have still managed to be growing slightly and are learning to diversify.
He further explained that previous recessions have displayed that finance is at its highest demand as recovery efforts continue to move along so it is important the Funding for Lending initiative helps to lower the cost of credit over the course of the next year. Allan added that the FSB will be carefully watching the results of the scheme.
Allan finished his speech by asking the Government decide to move forward with its plans to make the tax system easier to understand for many small businesses by allowing those who earn less than £77,000 to move towards cash based accounting.
Many people believe that the most employment growth is going to come from the small business sector with about nine out of ten people that are hired back into the private sector predicted to find positions at a small business. The education system does not offer the training that businesses need and more apprenticeships have to be developed to continue to allow the SME sector to grow throughout the country.