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Complicated Funding Hinders UK Businesses

A year since Chancellor George Osbourne pledged to help steer Britain through the economic recovery with promises of easier funding for our local businesses.
Finance - 26 October 2011   Download IconContent available for download:  
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A year since Chancellor George Osbourne told our small businesses that it was down to them to help Britain through the economic recovery and promised them easier access to funding – we’ve been trying to find out if our local employers and entrepreneurs really have found it easier to grow.

In October 2010, the Government promised to expand the range of support available to local businesses, with the idea that their growth would mean less people in the job centre and more people paying tax. But, with statistics last week revealing unemployment has reached its highest level in 17 years and one third of small business ventures failing within their first three years, it appears this vision was not entirely realistic.

44% of start-ups admit to having run out of cash or come close, so it looks like challenges with funding are still rife. But although staying afloat is an ongoing struggle for many and the majority of banks are expected to fall short of their lending targets this year, we want to find out if the nations’ local entrepreneurs are missing a trick when it comes to finding financial support, or if the picture really hasn’t changed one year on.

. Introduction:

This week marks exactly one year on since George Osbourne told small businesses they were to lead the country towards economic recovery. With promises of easier access to funding and more help when facing the most challenging market ever, local businesses and their employees were given a light at the end of the tunnel. However, recent unemployment rates have reached their highest level in 17 years – reflecting that perhaps not much has changed for those cash strapped entrepreneurs with plenty of big ideas but a lack of finances.

However, is there more support available for small businesses and the people they employ?

Joining us to discuss this further is Nick Montague, a business funding expert and bestselling author.

. Suggested Questions:

What does the research reveal about small businesses and unemployment rates in our local area?

Has the picture changed for small businesses one year on since the Government revised their economic recovery strategy?

Why are small businesses so crucial to economic growth?

Why are small businesses finding it so difficult to pull out of the recession?

What advice do you have for businesses looking for alternative funding?

Where can our listeners go to find out more information?