Whitehall launches campaign to help small firms grow

The plans include the first funding allocation from the British Business Bank's investment programme and a campaign to encourage growth in small firms. The first £45 million of funding is to be committed to Praesidian Capital Europe (£30 million) and BMS Finance (£15 million) to provide debt finance of around £125 million through their respective new funds. The government expects both funds to start lending to small businesses in early 2014. Other measures designed to support small businesses include: • A £1 million sector mentoring challenge fund to help SMEs benefit from support and advice from experienced business people in their own field of work. • A £10m synthetic biology start up fund from the Biotechnology and Biological Science Research Council to help entrepreneurial scientists working in synthetic biology get their business off the ground. Cable said: "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 would, he said, make it easier to access the services and products, including Manufacturing Advice Service, National Apprenticeship Service and Growth Accelerator, that help businesses grow. Skills and enterprise minister Matthew Hancock said: "We have set out today the start of our ambitious plans to help small businesses realise their potential and the support available to them to help them grow. "Government has an important role in providing a coherent package of measures to support businesses, but there is also a role for business-to-business support, with successful, growing small businesses talking to others about how exporting, hiring and business planning can take a business to the next level." A cross-government strategy on support for the UK's 4.9 million small businesses will be published in December. The strategy will be aimed at businesses with the ambition to grow, setting out how it will make it easier for them to do so through a range of measures including improving access to finance and help to export and innovate.