Small Businesses: Government Assistance

(asked on 17th March 2021) - View Source

Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what Government (a) initiatives and (b) schemes are available to micro businesses with fewer than five employees to help them grow and scale up.


Answered by
Paul Scully Portrait
Paul Scully
This question was answered on 26th March 2021

The Government offers a range of support to help businesses, including micro businesses, grow and thrive.

Businesses of all sizes can access advice and support through our online support at GOV.UK, including the online Finance Finder and via the free Business Support Helpline.

The network of 38 Growth Hubs across England plays a key role in providing tailored support to businesses at a local level in England, joining up national and local business support so businesses can find the help they need.

The Start-Up Loans Company provides funding and intensive support to new entrepreneurs. Since 2012 the Start-Up Loans programme has delivered 81,608 loans overall in the UK, supporting over £707.6m of funding (as of 28 February 2021).

Businesses can also access the Government-backed British Business Bank’s online Finance Hub, which helps raise awareness of appropriate finance options for scale-up, high growth and potential high-growth SMEs.

Micro businesses are also able to apply for relevant elements of the continued comprehensive package of support designed to help as many businesses as possible during this challenging period. The measures introduced include the small business grants, the coronavirus loan guarantee schemes, the Coronavirus Job Retention Scheme (CJRS), the deferral of VAT and income tax payments, and more. These measures have been designed to be accessible to businesses in most sectors and across the UK.

Further measures have been announced by my Rt. Hon. Friend Mr Chancellor of the Exchequer that build on the significant support already available as well as set out how current support will evolve and adapt. This includes the extension of the CJRS until the end of September 2021, extending and amending the coronavirus loan guarantee schemes to allow businesses more time and greater flexibility to repay their loans, and the extension of the Self-Employment Income Support Scheme (SEISS) to a fourth and a fifth grant.

The Government continues to work closely with local authorities, businesses, business representative organisations, and the financial services sector to monitor the implementation of current support and understand whether there is additional need.

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