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What support is out there for small businesses?

What support is out there for small businesses?. Maria Lyle, Assistant Director Department of Business, Innovation and Skills. BIS Local functions. We are BIS outside Whitehall: initial focus on growth, but ready to work across all policy areas

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What support is out there for small businesses?

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  1. What support is out there for small businesses? Maria Lyle, Assistant Director Department of Business, Innovation and Skills

  2. BIS Local functions We are BIS outside Whitehall: initial focus on growth, but ready to work across all policy areas Provide local intelligence to BIS to understand and assess the impact of policies Maintain strong links with local businesses, key sectors and local business bodies, e.g. the FSB, to build local understanding and buy-in to BIS policies Respond to economic shocks locally Provide Ministerial briefing and support Ministerial visits

  3. Business Finance – What are we doing now? • SME access to finance schemes – Finance finder on Gov.uk • Enterprise Finance Guarantee (11,600 small firms accessed so far.) Seen a recent upturn with last quarter of 2012 particularly strong. £1k - £1m. Term – 3 months to 10 years. • Funding for Lending - Opened 1 August 2012.The aim of FLS is to boost consumer and business confidence and support demand for finance, and reduce the cost of credit.

  4. National - Wider Support • - Gov.uk (previously Business Link) - Business Link still has a helpline! 0845 600 9006 • Manufacturing Advisory Service • UKTI – Exporting for Growth advice and training • Export Finance Guarantee • Technology Strategy Board – knowledge transfer network • Growth Accelerator

  5. What is GrowthAccelerator? • GrowthAccelerator provides high quality coaching support for up to 10,000 small businesses a year with high growth potential. • The programme will provide coaches to work face to face with senior management teams, to help them identify and overcome the barriers they face to rapid growth.736 businesses currently signed up across East Midlands. • The programme also gives growing small businesses a highly networked offer, and will connect the high growth potential businesses to: • External finance – Business Angel Networks, Venture Capitalists. • Business Support Services – Trade (UK Trade and Investment), Technology Strategy Board etc • Management and Development Support. • Programme is designed to achieve maximum economic advantage to the UK by increasing the number of businesses that achieve genuine high growth • For more information visit: www.growthaccelerator.com

  6. What is coming next? • The Business Exchange facilitates the exchange of resources, skills and ideas between businesses. To do this, larger firms have made pledges of support that smaller businesses can access on The Business Exchange, a website delivered by Enterprise Nation. • For more information, please visit: greatbusiness.gov.uk/business-exchange • Growth Vouchers programme. This helps small businesses get expert advice on: • finance and cash flow • recruiting and developing staff • improving leadership and management skills • marketing, attracting and keeping customers • making the most of digital technology • Some businesses will be randomly chosen to get a voucher for up to £2,000 to help finance specialist business support. You’ll have to match the amount with your own funds. • For more information, please visit: https://www.gov.uk/apply-growth-vouchers

  7. Derbyshire and Nottinghamshire – What else is there? • D2N2 – RGF fund – 20% of project costs £50k upwards. Additional Derbyshire fund – up to £50k/50% of project costs • Nottingham has a range of funds coming on line of different sizes – and Derby has the Enterprise Growth Fund. • Regional Growth Fund – Bid threshold puts off a lot of companies, however national programme bids run by bank have options for SMEs: Santander; RBS/Natwest or HSBC • Growing Places Fund – across all LEPs

  8. Derbyshire and Nottinghamshire – What else is there? • Extensive ERDF funds available to SMEs – local council are best contacts, but the East Midlands team have released a guide: • https://www.gov.uk/erdf-national-guidance#local-programme-guidance • This is searchable and has lots aimed at Mansfield and Ashfield! • LEP business advice site with phone line: http://www.thebusinessadvicewebsite.co.uk/ 0844 225 4089 • Better Business for All – D2N2 LEP support small firms in dealing with regulation: http://www.d2n2lep.org/BBfA

  9. Q&A?

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