After promises of increased opportunities in business funding for startups and SMEs, the Conservatives have won a sweeping victory in the 2015 General Election. But what does this mean exactly for small businesses? What can UK-based startups and SMEs look forward to from the next government in terms of business funding opportunities? Here are a few highlights that are especially interesting.
Help To Grow, Start-up Loans, and Innovate UK are some of the interesting schemes that the government is implementing and/or expanding. Under the Help to Grow initiative, 500 firms each year will receive business funding through the new British Business Bank, both through the form of loans and match funding with private investment. £100 million has been set aside for a pilot scheme that already launched in March. The Prime Minister has said Help To Grow will provide support to SMEs in order to make the leap from “small to medium-size.” The Start-up Loans scheme will also be extended to nurture 75,000 companies, up from 25,000. Regardless of a political affiliation, there are business funding opportunities your company can take advantage of. Especially when you stay abreast of the times!
In a recent speech, the PM indicated that wages are growing faster than inflation. It’s not necessary to over-analyze a remark by a politician. However, figures are showing that Britain is on a trajectory to over £8 per hour by 2020. Moreover, the number of startups alone have been growing from 484,000 in 2013 to over 500,000 in 2014. The 25,000 new companies created by the Start-up Loan scheme have created over 37,000 jobs. What all of this means is that people are generally happier. A happy worker is great for business. Now is a great time for entrepreneurs to tap into the job market. Always think further; a great team is one of the main keys to unlocking business funding.
The government is creating initiatives to increase access to finance for startups & SMEs. What’s interesting is that some of these growing companies are trying to foster access to finance themselves. This is particularly true of the #FinTech companies that are continuously exploring alternative funding. Britain is entering exciting – and possibly disruptive – financial times. The resounding message is: make sure you’re company is positioned in the right place to benefit from these business funding opportunities. Entrepreneurs and finance providers are gathering at Business Funding Show ’16. They aren’t just looking to discuss business funding possibilities, they’re coming together to take advantage of them. As the political climate changes and you’re unsure of how you’ll ensure business funding for your company, join your counterparts and the experts. In order for startups and SMEs not to miss all the new business funding opportunities, tickets are absolutely free so sign up now!