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Small businesses disillusioned by lack of Government support

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Thursday December 23, 2010 at 10:00am
In a survey of 5,000 entrepreneurs conducted by serviced office provider Regus, 79 per cent of UK business owners said that their interests are neglected by government.
Some 72 per cent of British businesses say that banks should be forced to lend more to entrepreneurial ventures and small businesses, stressing that access to credit is an issue for entrepreneurs.

Additionally, 87 per cent feel that government venture capital funds should be available to support entrepreneurs and their business initiatives.

Indicating that maintaining cash flow is still an issue, almost three quarters (74 per cent) of respondents declared that legal penalties should be enforced for late payment of invoices.

Entrepreneur James Caan, of Dragons’ Den fame, has added his voice to those calling for more government support for SMEs.

Caan believes that government should extend the small business loan guarantee scheme so banks can be more adventurous. He also identifies employment law as a big problem, calling for a lower level of administration for smaller firms.

Small, entrepreneurial businesses are this country’s life-blood. Let’s hope they, or should I say we, as our firm is an SME too, get the support needed in 2011.

Oh – and keep an eye on our blog in the new year as we are hoping to have some good news from one of the banks about finance availability for SMEs.

Andy Parker
Chartered Accountant

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