Herefordshire cider maker benefits from new Government measures to support small business
THE Government has unveiled a raft of new measures to help support growth for SMEs, including a £10m synthetic biology start up fund to help entrepreneurial scientists working in synthetic biology.
Business Secretary Vince Cable announced the measures, which also includes the first funding allocation from the British Business Bank’s investment programme.
Among the firms benefiting from the new measures is Herefordshire cider and perry maker, H Westons & Sons Ltd.
The first £45m 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.
Other measures include:
• 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
• The £10m synthetic biology start up fund from the Biotechnology and Biological Science Research Council (BBSRC). The fund will be managed by private investment specialist Midven through its association with the long-established Rainbow Seed Fund, which provides kick-starting finance to technology start-up companies that evolve, or spin-out, from publicly funded research.
In addition, the Department for Business Innovation and Skills said the Growth Accelerator scheme, which provides specialised coaching to small businesses with high-growth potential, will have helped 10,000 firms within the next few weeks.
Mr 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.”
A new business support website, www.greatbusiness.gov.uk will also make it easy to access the services and products, including Manufacturing Advisory Service, National Apprenticeship Service and Growth Accelerator. The website will be supported by an advertising campaign showcasing the very best in British small businesses, with the intention of helping other SMEs grow.
In December a cross-Government strategy on small business support will be published. There are 4.9m small businesses in the UK, and providing them with the tools they need to thrive is an important task for Government to ensure the recovery of the economy.
