The UK Government has launched the ‘Small Business: GREAT Ambition’ strategy.
The launch of this new strategy will help small businesses owners push the boundaries of their ambitions and it is a clear statement of this Government’s promise to supporting small businesses, Welsh Secretary David Jones has said.
The Small Business: GREAT Ambition is a statement of commitment to go-getting firms across the UK, and is the latest in a wave of UK Government led activity designed to help make it easier for small businesses to grow.
Announcements and commitments which will apply in Wales include:
- Brand new broadband vouchers – 22 cities across the UK – including Cardiff and Newport – will benefit from £100m of Broadband vouchers worth up to £3,000 each to help more small firms boost their business by accessing super-fast broadband
- A fairer deal on energy- An agreement with the energy firms to end auto-rollovers for business customers, limit back billing, increase transparency of contract terms and make switching easier.
This builds on the commitment to invest £250m extra on top of the £1bn new capital for the British Business Bank and extending Small Business Rates Relief – making it easier for small firms to finance their growth.
The launch comes on the day that people in Wales prepare to support the UK’s first ‘Small Business Saturday’ – a national campaign designed to encourage people to shop locally and support small businesses in their communities.
Small and Medium Enterprises (SMEs) contribute 36% of all private sector turnover in Wales, and are responsible for 630,000 jobs. Since 2010, over 1,000 more SMEs have set up in Wales.
The Secretary of State for Wales, David Jones is urging small business owners to make their own ‘GREAT Ambitions’ a reality, by seizing the UK Government’s support services to help them grow.
In addition to the measures announced, businesses in Wales are also currently able to benefit from:
- A £1m sector-specific mentoring scheme will enable firms to benefit from support and advice from experienced business people in their own fields
- A £10m start up fund launched by the Biotechnology and Biological Science Research Council (BBSRC) to help entrepreneurial scientists in this field to get their business off the ground
- The Business Bank Investment Programme which will provide a boost to small businesses, giving them access to much needed capital
- Start Up Loans – crucial support in the form of a repayable loan together with a business mentor for entrepreneurs across the country.
- The Business is GREAT campaign website has also been launched, bringing together, all the support from across Government.
This follows a substantive package of support made in the Autumn Statement for small businesses, which included an extension of the doubling of Small Business Rate Relief to April 2015, a business rates discount of up to £1,000 for retail businesses and making it cheaper to employ staff aged under-21.
Small Business: GREAT Ambition also states that Lord Young will conduct an Enterprise Education Review and make recommendations on how to inspire more people with the entrepreneurial spirit needed to succeed in employment or enterprise. He will report back in summer 2014 on his findings.
Mr Jones said: “The launch of the Small Business: GREAT Ambition strategy shows that this Government is listening to the British business community and is doing all it can to remove the barriers they face, improve the business environment and make it easier for them to fulfil their potential.
“Small Business Saturday also provides us with the prime opportunity to throw the spotlight on the range of measures that this Government has put in place to support ambitious small businesses and entrepreneurs in Wales. I would encourage all budding entrepreneurs and business owners in Wales to seize the opportunities on offer.”
