James Duddridge, Member of Parliament for Rochford and Southend East, supports the plans to offer more help for small businesses. On Monday Mark Prisk MP, Minister of State for Business & Enterprise outlined three new areas of action for small and medium sized enterprises.
The Government are
· extending the Enterprise Finance Guarantee for a further four years, and consequently helping over 6,000 more viable firms each year over the spending review period;
· continuing the successful Enterprise Capital Fund programme that enables high-growth start-ups and SMEs to access venture capital investment, with £200 million over four years invested in a series of new funds, the first of which will be ready to begin investing in the New Year; and
· encouraging ‘business angel’ investment by exploring options to relax EU regulations on their promotion and activity, continuing the Enterprise Investment Scheme, and welcoming the joint bid of business angels and Capital for Enterprise to the Regional Growth Fund.
The Government want to see a quarter of government contracts awarded to SME’s, central government procurement should not be the sole preserve of big business. The Government will
· audit departments to ensure that they are removing the barriers that prevent small firms bidding for contracts and increasing their rate of SME procurement year on year; and
· introduce a standardised Pre-Qualification Questionnaire from December 2010, as promised.
The Government have also re-affirmed commitment to pay 80 per cent of prime contractors within five working days, and to require all government contractors to pay their suppliers within 30 days.
Finally, the Government are sending a strong signal that enterprise is for everyone, including people from disadvantaged backgrounds. The Government will remove the barriers that prevent social tenants from starting businesses in their homes and work with social landlords to encourage their tenants to develop entrepreneurial skills. This measure will apply to eight million social tenants.
James said
“Despite Labour bringing us to the brink of bankruptcy, doubling the national debt and leaving us with the biggest budget deficit in the G20, the measures announced on Monday clearly indicates that the Government supports small and medium sized enterprises. I am sure that the businesses within Rochford and Southend East will be pleased and will benefit from the initiatives.”
ENDS