A new government campaign has been launched to help smaller firms and contractors to develop and grow, by offering further investment opportunities and business advice.
Business Secretary Vince Cable made the announcement earlier this month that, unveiling the first funding allocation from the Business Bank’s investment programme and launching a campaign that will provide support and advice for smaller businesses and entrepreneurs.
Business Secretary Vince Cable said, “Today we have set out a comprehensive package of measures that will address the concerns of small firms.
“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.”
The first £45 million of funding will be put into Praesidian Capital Europe and BMS Finance in order to provide debt finance, with both funds expected to start lending at the beginning of 2014.
A Sector Mentoring Challenge Fund will provide support and advice from experienced business people in their own field of work.
Skills and Enterprise Minister Matthew Hancock said, “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.”
Are you considering making the switch from working as a permanent employee to a contractor? Then read our free downloadable guide to moving from permanent to contracting, you may also find our advantages and disadvantages of a Limited company and Life as a Contractor pages useful.
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