News

May 25, 2012

£200 million initiative to set SMEs on the fast track to growth

A £200 million scheme to help businesses achieve their growth potential has been launched by secretary of state for business, Vince Cable.

GrowthAccelerator is a public-private partnership that aims to create 55,000 high-value jobs by helping up to 26,000 of England’s brightest businesses to achieve their potential.

The new partnership will see business experts working with companies to identify their barriers to growth and finding ways to overcome them. Key issues will include securing finance, commercialising innovation, management and developing leadership.

GrowthAccelerator will also help to fast-track SMEs towards trusted providers of business advice, including UK Trade and Investment (UKTI) and angel investors.

Vince Cable said, “GrowthAccelerator is an exciting new programme that is at the heart of the Government’s commitment to help businesses deliver growth by increasing their chance of gaining access to finance and spurring innovation.

“The UK boasts vibrant small and medium-sized businesses that have the chance to become the household names of tomorrow. With targeted support we are giving entrepreneurs a fantastic opportunity to take their businesses forward to succeed both here and abroad.”

Funded by the Department for Business Innovations and Skills (BIS), GrowthAccelerator is to be delivered by private sector experts from a consortium led by Grant Thornton.

Business and enterprise minister Mark Prisk said, “We want to make the UK the best place in the world to start and grow a business. GrowthAccelerator is the latest programme in a range of support products that we are providing for business to help them thrive and grow.”

Karl Eddy, head of business growth services at Grant Thornton, said, “Our vision for GrowthAccelerator is clear — to provide fast-growing businesses with exactly the kind of expertise, insight and networks that entrepreneurs need to achieve their ambitions. The type of dynamic businesses that will benefit from this service are the businesses of the future, leading our economy.”

This year the Government is also running the Business in You campaign to encourage more people to start or grow their business throughout 2012 using a range of existing support services, including GrowthAccelerator.