HC 770 - Government Support for Business

Book excerpt: Helping British businesses to thrive and grow is vital to the UK's long-term economic prosperity. The Government's ambition is for the UK to be one of the best places in Europe to start, finance and grow a business. In order to facilitate this, the Government offers support to business in accessing finance, promoting exports, developing manufacturing and encouraging growth at a local level. The Committee's inquiry considered the wide range of support that is on offer, and in particular those support programmes run by the Department of Business, Innovation and Skills. Access to finance is fundamental to the success of business of all sizes. However, the Committee heard varying evidence about the availability of finance, in particular for SMEs. Too many business still report that they find it difficult to get the financial support they need. By drawing on the British Business Bank's expertise, the Government should be able to develop a better understanding of the blockages in the system, why they occur, and whether changes in regulation or funding are needed to address them. The British Business bank also has a clear role to play in enhancing SME access to finance though clearly signposting the services available from alternative finance providers. In particular, it should develop a menu of alternative finance providers for each different area of financial support.