The Government yesterday outlined plans to improve support to small businesses. They include:
- Improving access to finance by extending the Enterprise Finance Guarantee and Enterprise Capital Fund schemes;
- Opening up central government procurement by agreeing actions for each department to increase business with SMEs and investigating new open frameworks which prevent firms being locked out of supply opportunities for an extended period;
- Supporting start-ups through new mentoring and mall loan schemes to help unemployed people launch businesses, and a simplified incorporation system;
- Improving the competition framework to help new companies access markets
- Supporting high growth firms as outlined in last week’s Local Growth White Paper.
Lord Young has also been asked to report on further changes needed by Spring 2011. Full details of the plans can be seen here.
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