Government and banks can help small businesses start up

21 April 2010 09:47:32

A business support group has highlighted the assistance that SMEs can get from the government and banks to help them start up.

Business Boffins stated that the government, banks and private groups offer a range of services, from advice to financial aid, for businesses that have "social objectives" to help the environment and their local communities.

Figures from the Department of Business, Enterprise and Regulatory Reform show that in 2005, 92 per cent of VAT-registered small businesses survived their first year, while 79 per cent had been thriving for three years. These statistics were seen to be the highest survival rate for small businesses in ten years.

Director of community enterprise for Business Boffins Tracey Marr noted the support from the government and banks, saying: "There are obviously organisations such as Business Link and other government schemes.

"[Also], when you start a business account with any of the big banks they have a relationship manager and the bank manager to talk through your business proposal. Often they ask to see a business plan, in our experience, so they can give support there too."

She added: "There's an interest in social enterprise and greener enterprise, so there's a lot of focus on [supporting] those aspects."