Small businesses have received a huge boost after the Government announced that it will accept all the recommendations made in a report by its Enterprise Advisor Lord Young.
The good news was revealed at an event at 10 Downing Street and included lifting the cap on Startup Loans which will help to open up access to funds to over 30s who want to start their own business.
In addition and in recognition of the global competition that small businesses face, it will also be made easier for these budding entrepreneurs to access the right advice and support.
The event – which was attended by the Prime Minister and ministers from the Department for Business, Innovation and Skills (BIS) – is part of the government’s GREAT campaign.
The programme celebrates the vitally important contribution that small business make to the UK economy, in fact small firms account for an incredible 99.9 per cent of all business in the UK.
Typical of these small businesses is Caroline Bennett of Great Date London, who received the landmark loan of £7,000 to help get her online dating ideas business up and running.
She said: “The loan has given my business the boost it needed to get off the ground, although there is more risk attached to entrepreneurship, I haven’t regretted it for a moment; I actually wake up in the morning looking forward to starting work.”
Meanwhile Business Secretary Vince Cable said: “Half of all jobs in this country come from small and medium sized business. So if we’re to get our economy going again, we must do all we can to support them.
“Many of the measures we’ve focused on so far such as better access to finance, mentoring and scrapping red tape have already helped. There is a record number 4.8 million small businesses in the UK, and the figures have suggested record numbers of startups. 5,000 of them are now being backed by our Startup Loans scheme, which is rolling out rapidly.”
The recommendations from Lord Young’s report will also inform the work BIS is leading with the small business community to refresh the 2011 small and medium sized business strategy ‘Bigger, Better Business’. The publication, expected in the autumn, will look at making it easier for small and medium sized businesses to access the right support, and to improve the way government communicates with firms.
Lord Young’s report on growing small businesses is available to look at here.