Published: 3:57 PM, Jun 20, 2023
Photo by Lukas Blazek on Unsplash
The UK government has a robust framework of support for businesses, particularly those that are small or medium-sized. This support comes in various forms, including financial aid, guidance, and advice. This article provides an overview of the key government-backed initiatives designed to foster business growth in the UK.
Access to Finance
The government provides several avenues for businesses to access finance. One such avenue is the Start-Up Loans scheme, which offers loans of up to £25,000 to businesses that are just starting out or looking to scale up. For businesses located in the North of England, the Northern Powerhouse Investment Fund could provide the funding needed to help realise their potential.
Innovate UK is a government initiative that supports businesses in developing and realising the potential of new ideas. This is achieved through funding and research collaboration. The Knowledge Transfer Network, part of Innovate UK, connects businesses to expertise, finance, and markets to commercialise their innovation.
Attracting Investment and Diverse Talent
The government has several venture capital schemes that can help businesses raise money. These schemes offer tax reliefs to investors, thereby attracting investment for business growth. Additionally, the government has made it easier for businesses to access international talent through Start-Up visas and Innovator visas.
Support for Tech Businesses
Tech Nation is a government initiative that provides programmes to support UK tech businesses. It also offers free online courses to build digital skills. Tech Nation's Data Commons for UK Tech provides a detailed view of the UK's digital economy, offering rich market intelligence and insight.
Making Tax More Straightforward
The government has made fundamental changes to the tax system to make it more straightforward for businesses. The Making Tax Digital service helps VAT-registered businesses get their tax right through the keeping of digital records and using software to submit their VAT return.
Taking on an Apprentice
Businesses can grow their own skilled workforce by taking on an apprentice. The government provides funding to cover some of the cost of training and assessing an apprentice.
Applying for Government Contracts
The government's Contracts Finder lets businesses search for information about government and agency contracts worth over £10,000. It also provides information on previous tenders to understand what opportunities might exist for businesses.
In conclusion, the UK government provides a wide range of support for businesses to foster growth. By leveraging these resources, businesses can access finance, grow their ideas, attract investment and talent, and become more competitive.
Liza Pringle is the dynamic force behind Enable Funding, a platform dedicated to providing in-depth insights into the UK's venture capital scene, growth companies, and asset management landscape. As the founder and editor, Liza leverages her extensive experience in finance and investment to empower businesses and investors with the knowledge they need to make informed decisions and drive growth.
With a career spanning over two decades in the financial sector, Liza has a wealth of experience in venture capital, asset management, and financial consulting. She has worked with a diverse range of clients, from startups to established corporations, helping them navigate the complex world of investments.