The UK Labour Government has launched its strategy for supporting SMEs (Small and Medium Enterprises). In the UK we have 5.5 million SMEs representing 99.8% of the businesses population and 60% of total employment. The top 3 sectors are construction, professional services and wholesale/retail.
There is a lot to welcome in the SME strategy and whilst some areas such as Business Rates are devolved and the Welsh Government is currently undertaking a consultation and review of these, there are aspects of this that will apply here in Wrexham. Here are some of the key ones:
- Expand start up loans programme to provide up to 69,000 over the next 4 years.
- Unlock more finance options for small businesses by expanding the capacity of the ENABLE programme and support access to Nations and Regions Investment Fund.
- Strengthen the legal framework on late payments to protect small businesses.
- Create a Business Growth Service to make it easier to access advice and support.
- Develop regional cooperative and mutual banks to develop relationship focused finance models.
- Modernise and simplify tax and customs systems.
