Has your business been taking advantage of any of the recent government initiatives for funding small businesses? If not, then you’re not the only one. According to a recent survey, nine in ten small businesses think that the government isn’t doing enough to help SMEs. Though there have been a raft of recent government projects, the majority of small businesses haven’t been benefiting enough.
These initiatives include everything from Funding to Lending to the Seed Enterprise Investment Scheme and the National Insurance Holiday launched by the Coalition government. It also includes things like the Enterprise Finance Guarantee Scheme which was introduced under Labour but continued by the Coalition more recently.
More recent plans to launch a business bank in 2014 have been doubted by small businesses – one in ten think that the business bank will directly help their business, while 6 in 10 are adamant it will not and the remaining 3 are undecided.
One of the biggest issues for small businesses is the lack of understanding and awareness of the schemes that are available for their company. 61% of businesses admitted that they did not understand all of the initiatives that the government was running. Less than a quarter fully understood all the benefits of the Enterprise Finance Guarantee Scheme, while only just over 10% had any knowledge of the National Insurance Holiday Scheme.
If your business needs some extra funding, then having all the information is valuable. Whether you look into alternative finance options, government schemes or just some good cash flow management strategies, then you’ll be doing better than a lot of businesses out there. Just knowing what’s out there will give you more options to play with.