{"id":8342,"date":"2014-02-27T11:30:18","date_gmt":"2014-02-27T11:30:18","guid":{"rendered":"http:\/\/www.policybee.co.uk\/blog\/?p=8342"},"modified":"2020-01-03T15:56:51","modified_gmt":"2020-01-03T15:56:51","slug":"help-small-businesses-2014","status":"publish","type":"post","link":"https:\/\/www.policybee.co.uk\/blog\/help-small-businesses-2014","title":{"rendered":"Help for small businesses in 2014"},"content":{"rendered":"\n
\"\"<\/figure><\/div>\n\n\n\n

Year of the SME <\/strong><\/p>\n\n\n\n

We recently wrote about Growth Vouchers<\/a> \u2013 a new government scheme designed to help small businesses in 2014.<\/p>\n\n\n\n

However, it seems this isn’t the only initiative boosting UK SMEs this year. There are several other interesting schemes in the pipeline.<\/p>\n\n\n\n

We’re not sure why there’s been such a flurry of business schemes lately. Perhaps it has something to do with David Cameron’s recent announcement that small businesses are the “lifeblood of our economy”. Whatever the reason is, we like it. If your business has been feeling a little flat recently, perhaps one of these can perk you up.<\/p>\n\n\n\n

Mentor Challenge Fund <\/strong><\/p>\n\n\n\n

Government figures indicate that although four out of five businesses want to grow, only a third actually do.<\/p>\n\n\n\n

The Mentor Challenge Fund aims to increase this figure by offering funding to professional organisations so they may better help SMEs. In total, the government is offering \u00a32.6 million. According to Matt Hancock<\/a>, skills minister, the “best source of advice for businesses comes from others in their field who have been through it and can offer practical, trusted advice”. Yep.<\/p>\n\n\n\n

All the mentor organisations have been selected. 13 organisations from 10 different sectors have been awarded up to \u00a3300,000, which they must match, pound-for-pound.<\/p>\n\n\n\n

The scheme’s organisers state that small businesses will get around 24 hours of direct advice a year from their mentor. Sadly, there’s no word on how small businesses get hold of this professional advice. It seems likely that individual organisations will recruit small businesses who they think will benefit, so keep an eye on any mentors that appeal to you.<\/p>\n\n\n\n

Enterprise Allowance <\/strong><\/p>\n\n\n\n

This initiative helps budding entrepreneurs not in work. If you’re currently on jobseeker’s allowance, income support as a lone parent, or get employment and support allowance (if you’re in the work-related activity group), and have a business idea, you can be referred to the Enterprise Allowance<\/a> scheme.<\/p>\n\n\n\n

Successful applicants get financial aid to cover start-up and other business costs. This can be a loan, which has to be paid back, or an allowance, which doesn’t.<\/p>\n\n\n\n

Up-and-coming entrepreneurs can also get advice from a mentor to help them write and develop their business plan, as well as ongoing support from a mentor in their early months of trading. To get it, the organisers must approve your business plan. However, all applicants are entitled to some business advice.<\/p>\n\n\n\n

If you think you qualify for the scheme, ask your Jobcentre Plus for help getting started.<\/p>\n\n\n\n

Welsh rate relief extended<\/strong><\/p>\n\n\n\n

Last autumn, George Osborne made English business owners very happy by announcing that the rate relief would extend for an additional twelve months. Now, Welsh business owners can celebrate an extension<\/a> of their rate reduction until spring 2015.<\/p>\n\n\n\n

Unlike in England, the Welsh rate relief is automatically deducted for qualifying businesses; you don’t need to apply for it. If the rateable value of your property is less than \u00a36,000, you’re eligible for a 100% rate relief. If your rateable value is between \u00a36,001 and \u00a312,000, the rate of relief decreases from 100% to 0%. Although this measure isn’t permanent, it could still save small businesses in Wales some money over the next few months.<\/p>\n\n\n\n

Connection Vouchers <\/b><\/p>\n\n\n\n

Small businesses in 22 cities across the UK can apply for Connection Vouchers, a government subsidy to help them pay for broadband connection. Sadly, Connection Vouchers are currently limited to a handful of UK cities.<\/p>\n\n\n\n

Although you’d still have to pay for the line rental, Connection Vouchers can cover the cost of getting you connected, either with your own dedicated service, or on a shared line. By increasing download speeds and capacities, this could really benefit businesses where most employees work online.<\/p>\n\n\n\n

Scheme on<\/b><\/p>\n\n\n\n

These schemes aren\u2019t the end of the government\u2019s plans to help SMEs. The PM announced in January that over 3,000 cuts would be made to legislation<\/a> and \u2018red tape\u2019 that holds back SMEs. This alone will save UK businesses an impressive \u00a3850 million each year. And that’s not all, there are further schemes on hand to help businesses this year.<\/p>\n\n\n\n

If you want to save money, check out the government’s Employment Allowance<\/a>, which will cut the amount of National Insurance small businesses and charities pay by \u00a32,000. Another scheme which looks promising is the Re-imagining the High Street<\/a> scheme, which wants to bring businesses back to the UK High Streets.<\/p>\n\n\n\n

As 2014 continues, we reckon there’ll be even more schemes announced to benefit small businesses. Keep your eyes peeled and ears to the ground.<\/p>\n","protected":false},"excerpt":{"rendered":"

Year of the SME  We recently wrote about Growth Vouchers \u2013 a new government scheme designed to help small businesses in 2014. However, it seems this isn’t the only initiative boosting UK SMEs this year. There are several other interesting schemes in the … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[136],"tags":[140,231],"class_list":["post-8342","post","type-post","status-publish","format-standard","hentry","category-news","tag-running-a-business","tag-schemes"],"acf":[],"yoast_head":"\r\nSmall business schemes in 2014<\/title>\r\n<meta name=\"description\" content=\"2014 has loads of government schemes in store to help small businesses. 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