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News - 6 November 2013

Government offer support for small firms to grow.

Business Secretary Vince Cable has launched a campaign to help small firms and unveils the first funding allocation from the British Business Bank's investment programme.

The new support includes a £1 million Sector Mentoring Challenge Fund delivering tailored mentoring programmes, which will be open for applications until 11th December 2013, and a £10 million synthetic biology start up fund to provide seed funding for tech start ups. In addition, Mr Cable also announced the first allocation of funding from the British Business Bank's £300 million investment programme

Lavinia Newman, Founder of ABDS and a business strategist comments:
“The first £45 million of funding is to be committed to Praesidian Capital Europe (£30 million) and BMS Finance (£15 million) to provide debt finance of approximately £125 million through their respective new funds. Legal terms need to be agreed and it is expected that both funds will start lending to small businesses in early 2014.”

In addition to this, Vince Cable also set out other measures that will provide support to small businesses. These include:

  • a new £1 million Sector Mentoring Challenge Fund that will enable firms to benefit from support and advice from experienced business people 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 synthetic biology get their business off the ground
  • the successful Growth Accelerator scheme, which provides specialised coaching to small businesses with high-growth potential, will have helped 10,000 firms in the coming weeks.
     

Lavinia Newman continues:
“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, government has already made significant progress in improving the business outlook for small firms and entrepreneurs.”


Skills and Enterprise Minister Matthew Hancock said:
“In December a cross-government strategy on small business support will be published. There are 4.9 million small businesses in the UK, and providing them with the tools they need to thrive is an important task for government to ensure the recovery of the economy. The strategy will be aimed at small businesses with the ambition to grow, setting out how it will make it easier for them to do so through a range of measures, including improving access to finance and help to export and innovate.”

If you need any help and advice for your business on the implications of Government Funding initiatives and or starting up a new business, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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