Vince Cable, the UK Business Secretary, recently announced a funding packing worth £45m, a component of the measures that have been put in place to drive small businesses. This funding is part of the UK government campaign to spearhead the growth of small businesses.
The funding, which has been committed to BMS Finance and Praesidian Capital Europ, has been received from the British Business Bank’s investment programme. Praesidian and BMS received £30m and £15m respectively, a fund that is expected to avail loans to small businesses starting early 2014 in a move that will see about £125m worth of credit advanced to these businesses.
The Business Secretary outlined other incentives that have been put in place. For instance, he highlighted the Sector Mentoring Challenge Fund, which is worth £1m aimed at enabling these small firms to access professional advice from experienced business people. He also announced a synthetic biology start-up fund that has been allocated £10m by BBSRC (Biotechnology and Biological Science Research Council) for helping entrepreneurial scientists.
According to Vince Cable, the government has put forth a comprehensive strategy to ensure the concerns of all small businesses are addressed. The initial funding from British Business Bank’s investment programme is meant to give small firms that are trying to secure funding to grow. He also noted that there has been tangible steps by the government to reduce bureaucracy in enabling small firms secure funding.
greatbusiness.gov.uk is the latest website from the government, which is solely meant to provide support for small businesses by enabling them to have easy access to products and services from National Apprenticeship Service and Growth Accelerator and MAS (Manufacturing Advice Service) in a bid to enable these businesses to grow.
Different stakeholders including Thomas Swan, the managing director at Harry Swan & Co Ltd., have welcomed the new move. In his remarks, he noted how SMEs have a challenge growing because of lack of proper structures in helping the entrepreneurs in growing their enterprises. In this regard, the UK is going to face sporadic growth in high value manufacturing thanks to the high academic credentials coupled with innovative entrepreneurs.