Small Business Minister Kevin Hollinrake urges everyone to support their local small businesses this Small Business Saturday by taking advantage of targeted intervention by the government to bridge the gap in access to finance from traditional lenders.
December 1st is Small Business Saturday, a day set aside to promote small businesses in local areas and urge people to shop locally.
A Christmas Market Festive Showcase was held on Thursday 30th November at Downing Street by the Prime Minister, featuring small businesses, charities, and local communities ahead of Small Business Saturday, and Minister Hollinrake had the opportunity to meet several of these businesses.
Minister Hollinrake had the opportunity to discuss the importance of engaging with small businesses, as well as the issue of late payments, which is a top priority for the government. In response to the Department of Business and Trade’s Prompt Payment and Cash Flow Review(Payment and cash flow review: terms of reference), some businesses reported that their cash flow had improved. This showed the government’s commitment to supporting small businesses.
One of the government’s top priorities is to assist small businesses in expanding. With a clear focus on growth and fostering an environment that keeps more money in consumers’ pockets and lowers costs for businesses, the Chancellor’s Autumn Statement set the stage for firms to launch and flourish.
Consumer spending power is boosted by the increase in the National Living Wage, as well as a tax cut for 29 million workers, while businesses are given £4.3 billion in business rates relief.
In addition to the £12.4 billion in funding provided by the British Business Bank, 86% of businesses outside London receive funding from the bank. A £1.6 billion Nations and Regions Investment Fund programme is being delivered by the bank to support growing businesses outside London and South East.
A number of funds covering the South West, Scotland, Northern Ireland, and Wales were launched earlier this year, with more to come. Over 100,000 Start Up Loans have been granted since 2012, providing over £1 billion to entrepreneurs in their early stages of growth, 40 percent of these loans are for women and 21 percent for ethnic minorities.
In addition to providing government-backed guarantees on financial products, UK Export Finance has partnered with banks to offer government-backed guarantees. A new flexible, fast-track financing option for small businesses was announced at UK Export Finance’s customer conference – making selling in international markets easier than ever.
