UK Government releases its Small Business Plan

As part of its Plan for Growth, the strategy will include legislative reforms to tackle late payments, as well as a new £4bn finance boost to inspire the next generation of entrepreneurs and small business owners.

More details can be found here: https://www.gov.uk/government/news/time-to-pay-up-toughest-crackdown-on-late-payments-in-a-generation-unveiled-in-plan-to-back-small-businesses

Nicki Clark OBE, Chief Executive of UMi, a UK-wide business advice and funding solutions specialist, commented, “At UMi, we see first-hand the incredible impact small businesses have, but also the challenges they face on a day-to-day basis. This Small Business Plan, including the launch of the Business Growth Service, is a positive step towards making it easier for small businesses to find and access the support and finance they need to survive and thrive.

“In particular, the £4bn allocated for financial support, including a £1bn injection for new start-ups, is very much welcomed as this is currently one of the main barriers to growth for many companies. It is why UMi places huge emphasis on guiding and supporting business owners across all sectors, helping them find the right funding for their organisation at the right time. With Government backing through the Business Growth Service also, we can encourage more people to go further, unlocking growth potential that creates new jobs and positive impact for all.”

Since 2007, UMi has supported more than 675,000 businesses across the UK, investing £330m in grants and loans, unlocking £660m in private investment, creating or protecting 43,500 jobs, and enabling contract wins worth £200m.