Editor | 20 March 2019
What Government Support is Available for Small Businesses?

What Government Support is Available for Small Businesses?

The Government offers a range of loans, services and tools to help small businesses grow and improve productivity.

If you have just set up a new business, or are looking at ways to expand, then Government support is often the best (and cheapest) way to realise your goals.

In this blog post, we look at some of the schemes that can help small businesses achieve specific targets.

Accessing financial support

  • New and existing small businesses can access Start up and Grow loans of up to £25,000 with a fixed 6% interest rate.
  • The British Business Bank offers support with a range of other finance options, such as venture capital, angel investment and equity crowdfunding.
  • Small businesses based in the North of England may be able to access funds from the Northern Powerhouse Investment Fund, including business loans of between £25,000 and £100,000.

Becoming more competitive

  • Be the Business provides inspiration, practical tools and resources to help small businesses supercharge performance and improve productivity.

Accessing local support

  • A network of local Growth Hubs in England provide tailored business advice and support for businesses of all sizes and in all sectors.

Growing ideas

  • Innovate UK helps entrepreneurs and businesses develop new ideas through access to funding and research collaboration. They can also connect businesses to new expertise and finance to help commercialise new ideas.

Selling overseas

  • GREAT provides guidance on exporting and lists export opportunities for small businesses that are interested in selling abroad.

Taking on an apprentice

  • Small businesses can apply for funding and get Government support to make the most of apprenticeship reforms and take on new apprentices.

Applying for Government contracts

The Government’s Contracts Finder lets small businesses search contracts worth more than £10,000. It also has information about previous tenders to help small firms understand opportunities.

 Making tax simpler

  • VAT-registered businesses that are preparing for the Making Tax Digital reforms coming in April can use the Making Tax Digital service to ensure they comply with the new rules.
  • These businesses need to make sure that they keep digital records and use HMRC-compliant software to submit a VAT return.

CloudAccountant.co.uk is a software accounting specialist and can help businesses get ready for Making Tax Digital. For more information on HMRC-compliant software like Xero and FreeAgent, speak to a member of the team today. Call: 0808 281 0303.