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News - 10 February 2015

British Business Bank to support growth of UK companies

The Prime Minister has announced the launch of a new £100 million Help to Grow pilot scheme that will enable fast-growing smaller firms to access finance and realise their growth potential.

The scheme will provide 500 firms each year with financial support in the form of loans to help them grow from small to medium-size.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“According to the British Business Bank, most lenders target larger corporate firms seeking finance in excess of £10 million. This results in few opportunities for smaller high-growth firms to raise the funds they require, which typically range from £0.5 to £2 million. The British Business Bank will seek proposals in March from finance providers to deliver the £100 million pilot scheme.”

Smaller businesses are vital to the UK economy, and are major drivers of employment and innovation for the country. Ensuring that they have adequate access to the right type of finance at the right time is essential to ensure that they achieve their growth potential.

The British Business Bank’s Small Business Finance Markets report, published in December 2014, shows that increased numbers of smaller businesses are expected to seek finance for growth in the coming years, as nearly half (46%) of small businesses plan to grow their turnover in the next 12 months, with 17% of these expecting to fully or part fund this expansion with commercial finance.

British Business Bank research finds that there are approximately 16,000 firms with high growth and annual turnover in the range £1m to £25m per year which might be suitable for growth finance, and expects that around 500 of these firms annually could benefit from additional finance availability. These firms will typically require finance in the range £0.5m to £2m, meaning up to £1bn annual demand overall, subject to testing of the market through this pilot.

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 Liz Kennett to discuss how ABDS can help

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

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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