Government to pump £200 million into small businesses
23rd May 2012 | 13:35
Businesses can now access £200 million of growth funding
The government has launched a new initiative to place £200 million in up to 26,000 of England's brightest businesses. The money will help the businesses achieve their "ambition and potential", as well as hopefully creating 55,000 high-value jobs.
The GrowthAccelerator programme launched by Vince Cable is available for companies with genuine potential for rapid and sustainable growth. The new partnership between the private sector and Government will see proven business experts working with companies to identify their barriers to growth and ways to overcome them. This will be on issues such as securing finance, commercialising innovation or developing leadership and management capability.
As well as coaching, GrowthAccelerator provides comprehensive support by fast tracking clients to trusted providers of business advice such as UK Trade and Investment (UKTI), professional advisers as well as relevant networks such as Angel Investors.
Secretary of State for Business, Vince Cable, launched the programme today at the computer cloud collaboration company Huddle in London which is one of the trailblazer businesses taking part in GrowthAccelerator.
Cable said the programme was "at the heart of the Government's commitment to help businesses deliver growth by increasing their chance of gaining access to finance and spurring innovation."
Adding "The UK boasts vibrant small and medium sized businesses that have the chance to become the household names of tomorrow. With targeted support we are giving entrepreneurs a fantastic opportunity to take their businesses forward to succeed both here and abroad. I look forward to seeing what this great programme helps them achieve in the future."
Funded by the Department for Business Innovations and Skills (BIS), GrowthAccelerator is to be delivered by private sector experts from a consortium led by Grant Thornton and comprises Winning Pitch, Oxford Innovation, Pera and seven other local delivery partners.
To qualify for the GrowthAccelerator programme you need to be registered in England with fewer than 250 employees and a turnover of less than £40m and be determined to double your business within three years. Further information about GrowthAccelerator can be found at www.growthaccelerator.com