Small Businesses: Government Assistance
(asked on 25th October 2022) - View Source
Question to the Department for Business, Energy and Industrial Strategy:
To ask His Majesty's Government what steps they are taking to provide economic support for Small and Medium-Sized Enterprises (SMEs) this winter, given the increase in inflation.
Answered by
Lord Callanan
Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
The Government has reversed the National Insurance rise, which will save SMEs approximately £4,200 on average, cut fuel duty for 12 months and brought in the Energy Bill Relief Scheme, to protect small businesses from high energy costs over the winter.
The Business Support Helpline on 0800 998 1098 enables SMEs in England to access support of all kinds, including grants, loans and business advice. Equivalent services are available in Scotland, Wales and Northern Ireland.
The Recovery Loan Scheme (RLS) helps ensure that smaller businesses can access loans and other kinds of finance for working capital and investment. The current iteration of the scheme was announced on 20 July 2022 and supports finance up to £2 million per business group. RLS is available through 38 accredited lenders including banks, asset finance providers, regional and social lenders.