£95m for SME growth spurt
MINISTERS have set out details of how SMEs will be given access to £95m from the Regional Growth Fund.
RBS and HSBC have agreed a deal with the Government which will see the banks process applications for help from SMEs looking to invest in new capital assets.
The deal, involving money made available in the first round of the Fund, was one of a range of measures set out by Prime Minister David Cameron yesterday as the Coalition continues to try and assert its growth credentials.
Mr Cameron said: “British SMEs are already doing incredible things, but we urgently need more of them to follow that boldness. We need this to be a country where more people think ‘I can start my own business and I can sell to the world.
“Our determination is to come through these difficult times stronger, to trade our way to growth and jobs. We need to show real optimism about the future, and we need to show real aggression about pursuing Britain’s interests in the world. The markets are there to be tapped; the deals are there to be done, the opportunities are there to be capitalised on. Now together we must seize them.”
SMEs will be able to qualify for a grant of up to £500,000 if they are going to invest in new capital assets, such as plant and machinery and cannot get normal bank finance.
Other measures included a new initiative by Doug Richard and Yell to run workshops for 3,000 business on internet opportunities.
From April next year, business will be able to register at Companies House, sign up for PAYE registration, corporation tax and self assessment in one place.
