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Micro business boost will transform the economy

Helping thousands more new businesses get off the ground by expanding the Government’s Start-Up loan scheme and opening up further the £230 billion worth of public sector contracts to the smallest businesses will help boost growth and transform the economy according to the Prime Minister’s enterprise adviser, Lord Young.

We have one of the best environments in the world for the creation of new firms. What this report endeavours to do is to help and encourage all those new firms to now take on their first employees and grow.

In his second report to the Prime Minister, Growing your Business: A report on Growing Micro Businesses, Lord Young highlights the increasing importance that micro businesses – those which have less than 10 employees – have on the success of the economy. Making up 95% of all businesses, he identifies steps the Government can take to help them develop their confidence and capability to grow, helping the UK to get ahead in the global race.

He recommends removing the age cap – currently set at 30 years old – for the Government’s Start-Up loan scheme, so that all entrepreneurs that would otherwise struggle to secure the necessary finance and support can benefit.

The Start-Up loan scheme helps get business ideas off the ground with a loan of typically around £4,500 and mentoring support. It has exceeded expectations by 50% in its first year, with 3,768 loans worth around £16m now issued since its launch in the autumn. Many of these new businesses are now taking on their own employees.

Read the full report here

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