Partly Cloudy

Partly Cloudy

max temp: 22°C

min temp: 16°C

ESTD 1874 Search

The pigs have arrived. See the latest

Pigs Gone Wild

news here.

East Anglia: Vince Cable and Matthew Hancock to unveil new package of help for SMEs

11:06 06 November 2013

Secretary of State for Business Dr Vince Cable

Secretary of State for Business Dr Vince Cable

Archant

Business Secretary Vince Cable and Skills and Enterprise Minister Matthew Hancock will today kick off a new round of support for small and medium-sized enterprises (SMEs), including the first funding allocation from the British Business Bank’s investment programme and the launch of a campaign to help small firms grow.

The first £45million of funding is to be committed to Praesidian Capital Europe (£30m) and BMS Finance (£15m) to provide debt finance of approximately £125m through their respective new funds. Once legal terms are agreed it is expected that both funds will start lending to small businesses in early 2014.

In addition, Mr Cable will also set out other measures to support to small businesses, including a new £1m Sector Mentoring Challenge Fund that will enable firms to benefit from support and advice from experienced business people in their own field of work and a £10m 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.

A new business support website, www.greatbusiness.gov.uk will also make it easy to access the services and products, including Manufacturing Advice Service, National Apprenticeship Service and Growth Accelerator, that help businesses grow. The website will be supported by an advertising campaign showcasing the very best in British small businesses, to help inspire other small businesses to take steps to grow. This is the first domestic use of the GREAT campaign.

Mr Cable described the annoucement as “a comprehensive package of measures that will address the concerns of small firms”.

He said: “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.”

Mr Hancock, the MP for West Suffolk, added: “Small firms are a vital driver of our economy’s success, so it is imperative we do all we can to ensure businesses don’t just survive, but thrive to compete in the global race.

“We have set out today the start of our ambitious plans to help small businesses realise their potential and the support available to them to help them grow. Government has an important role in providing a coherent package of measures to support businesses, but there is also a role for business-to-business support, with successful, growing small businesses talking to others about how exporting, hiring and business planning can take a business to the next level.”

The Deartment for Business, Innovation and Skills also announced today that the Growth Accelerator scheme, which provides specialised coaching to small businesses with high-growth potential, is on track to help its 10,000th firm in the coming weeks.

In the East of England, 783 businesses have already signed up to GrowthAccelerator, which sees proven business experts working with companies to coach and identify barriers to growth and ways to overcome them.

There have been 40 successful Regional Growth Fund (RGF) applications in the East, South East and London worth £240m. RGF is expected to generate up to £1.4 billion of private sector investment, creating or safeguarding up to 42,000 jobs in the East, South East and London.

Search hundreds of local jobs at Jobs24

0 comments

A computer-generated image of how the Sizewell complex will look after construction of Sizewell C.

Britain is set to get its first new nuclear power station in generations as EDF’s directors approve investment in Hinkley Point.

A Lloyds Bank branch in Halesworth. Lloyds Banking Group has announced it will close 200 branches and cut 3,000 jobs.

Lloyds Banking Group is cutting 3,000 jobs and shutting 200 branches as the lender braces for a cut in interest rates following Britain’s decision to quit the European Union.

Damian Lewis as Bobby

Game Of Thrones broadcaster Sky has brushed aside economic uncertainty surrounding Britain’s referendum on the European Union to drive up revenues and profits.

Almost 400,000 customers deserted British Gas in the first half of the year as its parent firm, Centrica, saw profits take a dive.

Almost 400,000 customers deserted British Gas in the first half of the year as its parent firm, Centrica, saw profits take a dive.

Suffolk Chamber of Commerce chief executive John Dugmore unveiling the chamber's new-look branding at a summer garden party held at Willis Towers Watson Rooftop Garden in central Ipswich.

Suffolk Chamber of Commerce has unveiled its new branding and identity at a ceremony in Ipswich.

HOT JOBS

Show Job Lists

Most read

Most commented

Topic pages

Streetlife

Newsletter Sign Up

Sign up to the following newsletters:

Great British Life

Great British Life
MyDate24 MyPhotos24