Small businesses are the engine of the UK economy, but it has to be said that the central Government does not necessarily prioritise their wellbeing and growth, which it should if SMEs are to continue to help the economy grow further. As much as it is the issue of funding and providing small businesses with the loans, or the right structures to access loans, debt finance and other small business investment, these micro to small businesses need to feel supported on a wider scale.
This support can include mentorship, development programmes, networking and co-working spaces – all of which are crucial for small businesses to grow and succeed in the UK economy and beyond. And, given that there are there are over 5.6 million SMEs in the UK which have a combined turnover of £2tn, it’s clear that the government must do more to benefit small-business owners.
It is not just about start up loans or funding for small businesses either. Ambitious SMESs, and those typically based outside of London, face numerous barriers to the support that is readily available in the southern regions of the UK, and that’s why we believe Mercia is a critical partner in conjunction with the British Business Bank and the region’s LEPs. We see ourselves as a flexible finance provider, based in the regions to supply debt finance, loans and the type of support that will allow small businesses reach their full potential.