Authorities launches £ 520 million assist program for SMEs
Originally written by Anna Jordan about Small Business
The £ 520 million Help to Grow program announced in tomorrow’s budget could help 130,000 small and medium-sized businesses.
According to the Times, the government program will offer training on access management, technology advice, and scaled-down software to improve productivity.
This plan will give access to some of the best business schools in the UK while encouraging more companies to adopt technology in the hopes of opening up opportunities for small businesses that larger companies can normally afford.
Business schools offer 50 hours of tuition with personal mentor support.
The scheme will have two streams:
Digital will be an online service that offers free advice on how companies can improve their digital skills and allows them to get 50 percent off approved software.
Management will offer subsidized management training to improve leadership skills in areas such as financial management and marketing.
Andy Haldane, chief economist at the Bank of England, said bad corporate management practices could contribute to poor productivity.
Federation of Small Businesses (FSB) national chairman Mike Cherry said:
“Projects like this really make a difference to small businesses looking to change the way they work, broaden their horizons and strengthen the economy for everyone.
“We have argued that the UK’s productivity challenge calls for practical changes to help small businesses improve their business and drive efficiency and growth. This means more of a “new-to-firm” approach to innovation, e.g. For example, helping small businesses access things like the cloud, where less than half (40 percent) are currently using cloud services.
“With all digital systems, it is critical that access to fast, high-speed broadband remains a premium for many, depending on where you go in the country. We can’t let poor infrastructure from a lack of broadband or 5G to prevent small businesses from gaining a foothold on important programs like this one. “
Budget 2021 and what it means for small businesses
Government launches £ 520 million aid program for SMEs