Business News, United Kingdom

Sowing Seeds into Small Business Economy


Starting your own business in UK is as difficult as anywhere in the civilized world, only here, new start ups have a few significant helping resources set-up and ready to offer support. Not only offering advice and education, but also government funding, giving new businesses somewhat of a boost.

Lord Young and Minister Matthew Hancock have offered their support for UK business start-ups using the Growth Vouchers Programme, distributing £2,000 – £20,000 in vouchers to new start-up businesses.

setting up a companyThey also provide advisors with supportive information like:

  • raising finances and managing cash flow
  • recruiting and developing staff
  • attracting and keeping customers
  • and making the most of digital technology

Lord Young, advisor to the Prime Minister on small business and enterprise, wrote a report that highlights all the changes in recent years. “Thirty years ago,” Lord Young says,”small businesses were in decline.” The number of SEM’s, (Small and Medium Enterprises), has recently grown to 4.5 million. SME’s provide 60 percent of the private sectors jobs, and of 99.9 percent of all business, a whopping 94.4 percent businesses in the UK employ fewer than 10 employees each.

Lord Young is convinced this is a great time for supporting small business in the UK. He has set up a wide range of support, encouragement from private and public sectors, plus advice from professionals every step along the way. With the internet transforming how business is leveraged, the SME is set-up to grow and flourish in spite of other economic diversity.

Small business start-ups benefit at this time, when sources of funding with variable funding platforms that are set-up for a quick release of financing, and alternative flexibility for hard-working SME’s. The past monopoly of SME lendingthat banks once enjoyed is now compromised because bank funds are not structured to provide what current SME’s need and want. This mandatory process for matching a wider range of lenders to SME’s seeking financing is a huge benefit for small business as well as the growing UK economy.

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