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Much support for SMEs with social objectives

31/08/2007  11:00:15

 


 

There is a wide range of support available to small firms, particularly those with "social objectives", according to one expert.

Dr Tracey Marr, director of community enterprise at support and advice service Business Boffins, explained that such services are available from the government, banks and private groups.

In particular, there is increasing support for those businesses with social objectives which help communities and the environment.

Dr Marr continued: "Theres always been support for small businesses; there are obviously organisations such as Business Link and other Government schemes.

"And theres an interest in social enterprise and greener enterprise, so theres a lot of focus on [supporting] those aspects."

She said that many high street banks offer competitive small business packages.

These can help to achieve company formation and give advice on a range of subjects such as tax planning and asset protection.

Dr Marr explained: "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."

According to Department for Business, Enterprise and Regulatory Reform statistics collated from 2005, 92 per cent of VAT-registered small businesses in the UK are still trading after one year - the highest survival rate in ten years.

A further 79 per cent survived three years.




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