Cable reveals SME support initiatives


Vince Cable has revealed a new raft of measures aiming to help out small to medium-sized enterprises (SMEs).

Firms are set to benefit from a number of initiatives, which include £45 million of investment designed to help SMEs grow.

One such scheme is the Sector Mentoring Challenge Fund, which will offer small businesses a helping hand in the form of advice and support from more experienced experts in their field of work.

A £10 million start up fund for entrepreneurial scientists to help develop their work in synthetic biology is hoping to provide another big boost.

Mr Cable said: “Alongside cutting red tape and increasing the take up of business rate relief, government has already made significant progress in improving the business outlook for small firms and entrepreneurs.”

Around £125 million of funding is also expected to be made available to SMEs early next year through funds provided by Praesidian Capital Europe and BMS Finance.

Posted by the Secret Businessman