Each small business was worth an average of almost £130,000 to the UK economy in 2012 and the sector contributed 52% of private sector Gross Value Added (GVA), according to research by RSA. On top of this, the number of small firms starting up has increased by 35% over the past ten years, while the number of large firms fell by 11% over the same period. Tara Kneafsey of RSA said although small firms were increasing in number they still needed ongoing Government support for every stage “from inception through to growth”.
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A new £110 million funding scheme aimed at boosting sources of alternative finance for small firms who are struggling to obtain credit has been announced by Business Secretary Vince Cable. The Business Finance Partnership (BFP) will enable peer-to-peer and other non-bank lenders to increase the flow of credit to small businesses.
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Just 17% of firms are aware they can apply for loans for energy efficiency improvements under the Green Deal from 28 January 2013, a survey has revealed. The most common energy efficiency improvements planned were installing LED lighting, window glazing and improving insulation, while biomass boilers and automated systems and control were the least popular. Brian Smithers, director of Rexel, said business owners need to be educated about the benefits of the Green Deal.
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Government have boosted plans to enable more small firms to compete for public sector contracts by the addition of four new industries to the procurement pipelines. Details of opportunities in the professional services, financial services, waste management and fire services sectors will now be shared on the Contract Finder website, bringing the total value of published opportunities to £84 billion. Minister for the Cabinet Office, Francis Maude, said: “We are determined to make it easier for firms of all sizes to compete for and win Government business so we can leverage our spending on suppliers to help the economy grow.”
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Get to know Dacorum in this challenging and exciting edition of the classic board game, based on the area.
Dacorum is the largest of all the districts in Hertfordshire. The area is one of great contrast with a rich heritage, picturesque villages and rural attractions, alongside bustling towns, a thriving business economy and world-leading sports facilities.
Try to beat your opponents while you take a virtual tour around Dacorum, maybe learning something about the area along the way.
The number of business insolvencies in the UK fell by almost 9% in October 2012 compared with a year earlier, according to research by Experian. The biggest improvement was in medium-sized firms, where insolvency rates fell from 0.21% to 0.15% over the same period. Max Firth, managing director of Experian, said “insolvencies are indeed stabilising, but the increase during October in large business failures highlights the need for ongoing monitoring of all clients and suppliers, regardless of size.”
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