Small businesses are the backbone of our economy and the Government aims to make the UK one of the best places in the world to start and grow a business. In concert with other partners, the Government provides a range of support to help businesses thrive and grow. I will continue to champion local businesses. Below, you will find a list of support available. Please contact me if you ever require any specific assistance.
Business Support Helpline:
The Business Support Helpline offers advice and guidance to new and existing businesses. It has information on national and local schemes, grants, and loans.
Help to Grow:
Businesses have told us they need a simple way to find information from the Government, making their day-to-day jobs easier and allowing them to focus on their priorities, such as growing their business or siezing export opportunities. That is why we have launched a new centralised ‘Help to Grow’ website, especially focussed on the 5.4 million small and medium sized businesses, offering advice, guidance, services and support from the Government to enable more businesses to reach their trading ambitions by helping them to learn new skills, reach more customers and boost profits. This new website is set to become a vital tool used by businesses to thrive and succeed both in the UK and trading across the world, by making full use of the support in place from the Government.
British Business Bank:
The British Business Bank brings together a range of programmes which help ensure that financial markets are working for Small and Medium Sized Enterprises. These programmes are supporting over £10.8 billion of finance to over 93,000 SMEs across the UK. The Government has made additional commitments to the British Business Bank to help businesses access the finance they need. This includes £1.6 billion to provide investment funds for Scotland, Wales and Northern Ireland, and the North, Midlands, and South West of England, £150 million to invest alongside business angels across the UK, and resources to provide 33,000 Start-Up Loans over the next three years. Since 2012, businesses in Wolverhampton have successfully draw down 464 loans, worth £3.3million.
Start Up Loans:
The Start Up Loans Company, part of the Government-owned British Business Bank, provides loans and pre- and post-application support to new entrepreneurs, including a year of free business mentoring for successful applicants from an industry expert. Loans of up to £25,000 are available to individuals aged 18 and over, repayable across one to five years at a competitive fixed rate of six per cent. Since 2012, over 95,000 Start Up Loans have been issued to new entrepreneurs. As of September 2022, businesses trading for up to 3 years can apply, up from 2 years. Alongside this, a new second loan will be available to businesses operating for up to 5 years, providing eligible businesses between 3 and 5 years old a much-needed government-backed finance to support their expansion at a crucial juncture.
Energy Bill Relief Scheme:
The Government has unveiled a new support scheme that will see energy prices for non-domestic energy cut, to support growth, to help prevent unnecessary insolvencies, and to protect jobs. Through the Energy Bill Relief Scheme, the Government will provide a discount on wholesale gas and electricity prices for all non-domestic customers. This support will be equivalent to the Energy Price Guarantee put in place for households. It will be available to all UK businesses, the voluntary sector including charities, and the public sector whose current gas and electricity prices have been significantly increased in light of global energy prices. It will apply to fixed contracts agreed on or after the 1st of April 2022, as well as to deemed, variable, and flexible tariffs and contracts. It will apply to energy usage from the 1st of October 2022 to the 31st of March 2023, running for an initial six -month period for all non-domestic energy users. Business customers do not need to act or apply to the Scheme to access this support. The support will automatically be applied to energy bills. The savings will be first seen in October bills from their energy supplier, which are typically received in November.
Energy Bills Discount Scheme:
From 1 April 2023 to 31 March 2024, all eligible non-domestic customers who have a contract with a licensed energy supplier will see a unit discount of up to £6.97/MWh automatically applied to their gas bill and a unit discount of up to £19.61/MWh applied to their electricity bill. This will be subject to a wholesale price threshold, set with reference to the support provided for domestic consumers, of £107/MWh for gas and £302/MWh for electricity. This means that businesses experiencing energy costs below this level will not receive support. Customers do not need to apply for their discount. As with the current scheme, suppliers will automatically apply reductions to the bills of all eligible non-domestic customers.
Businesses in sectors identified as being the most energy and trade intensive – predominately manufacturing industries - will receive a higher level of support, with a discount reflecting the difference between a price threshold and the relevant wholesale price. The price threshold for the scheme will be £99/MWh for gas and £185/MWh for electricity. This discount will only apply to 70% of energy volumes and will be subject to a ‘maximum discount’ of £40.0/MWh for gas and £89.1/MWh for electricity. Businesses may need to register for the higher level of support and details on how to apply will be released in due course. Energy and Trade Intensive Industries in scope of the additional support are listed here List of sectors eligible for the Energy and Trade Intensive Industries (“ETII”) scheme (PDF, 66.2 KB, 4 pages)
Black Country Growth Hub:
Our network of 38 Growth Hubs across England offer tailored advice to businesses and entrepreneurs seeking financial support, as well as joining up national and local support. The Black Country Growth Hub provides free and impartial support to businesses and entrepreneurs of any size, sector or status across Dudley, Sandwell, Walsall and Wolverhampton. It can help businesses with a wide range of enquiries such starting and growing your business; recruiting apprentices or graduates; finding business property; support with procurement processes; implementing new innovative procedures; and finding networking opportunities.
Business Rates:
The Government has provided over £17 billion worth of additional rates relief since 2020. To support local high streets as they adapt and recover from the pandemic, the Government is now introducing a new temporary business rates relief in England for eligible retail, hospitality, and leisure properties for 2022-23. Over 90 per cent of retail, hospitality and leisure businesses will receive at least 50 per cent off their business rates bills in 2022-23. This means that the average pub, with a rateable value of £21,000, will save £5,200 on their rates bill this year. We are also increasing the Employment Allowance from £4,000 to £5,000, cutting the cost of employing new staff for half a million small businesses. We are providing a further £13.6 billion to protect businesses from rising inflation over the next 5 years. The business rates multipliers will be frozen in 2023-24, and upward transitional relief caps will provide support to ratepayers facing large bill increases following the revaluation. The relief for retail, hospitality and leisure sectors will be extended and increased, and there will be additional support provided for small businesses.
Recovery Loan Scheme:
The Recovery Loan Scheme (RLS) is a government scheme aimed at supporting access to finance for UK businesses. First launched in April 2021 to help businesses recovering from COVID-19, the Scheme has helped almost 19,000 businesses with an average of £202,000 in support. The RLS is delivered by the British Business Bank through a network of accredited lenders. The next iteration of the Scheme will open for applications in August 2022. Further details will then follow when the scheme goes live.
Industrial Energy Transformation Fund:
The Government recognises that this is also a worrying time for businesses given the global situation. Energy prices have increased globally, while businesses are navigating supply chain issues as the world economy recovers from the pandemic and adapts to the shock of war in Ukraine. The Industrial Energy Transformation Fund will open on the 30th of May for a further round of applications. Businesses can apply for grant support towards the costs of investing in energy efficient and decarbonising technologies, or towards the costs of investigating the suitability of these technologies through a feasibility or engineering study.
Find a Grant:
The Government's Find a grant is a service allows individuals to search government grants. This is a pilot service and it is being co-created to help people access government grant funding; search and filter to find a grant that matches one's needs; find out if they are eligible to apply for a grant; and find out how to apply for a grant.
Made Smarter:
Made Smarter was created following an industry-led review of how UK manufacturing industries can prosper through digital tools and innovation. Register to find out how Made Smarter can support you on your digital journey online at www.madesmarter.uk.
Join the Skills Revolution:
The ‘Join the Skills Revolution’ campaign from the Department for Education is urging employers to get involved to make the most of the national appetite for skills development amongst the workforce. By investing in skill development in their workforce, employers can gear up for economic recovery and drive better business performance to boost business growth. The campaign highlights the range of training and employment schemes available for businesses wanting to boost their workforce capabilities, including apprenticeships, traineeships and T Levels. Find training and employment schemes for your business.
Export Support Service:
Businesses can access Government support to get them started on their exporting journey. This includes the Export Support Service (ESS), which launched in October 2021. Traders can call the ESS on 0300 303 8955, or find their local team at www.great.gov.uk/contact/office-finder/. It has also helped over 11,500 UK businesses trade with Europe. Find further details here. The £38 million Internationalisation Fund provides match funded grants of between £1,000 and £9,000 to SMEs seeking to overcome barriers to access new international markets,
HMRC Support:
Contact HMRC to discuss support available. If you cannot pay your tax bill in full, HMRC may suggest you pay what you owe in instalments. This is called a Time to Pay arrangement. From the 1st of April 2021 until the 31st of March 2023, companies investing in qualifying new plant and machinery assets will be able to claim a 130% super-deduction capital allowance on qualifying plant and machinery investments; a 50% first-year allowance for qualifying special rate assets. The super-deduction will allow companies to cut their tax bill by up to 25p for every £1 they invest, ensuring the UK capital allowances regime is amongst the world’s most competitive.
Disability Confident:
The Disability Confident scheme supports employers like you to make the most of the talents disabled people can bring to your workplace.
Growing Your Business:
Once your business is established and you’re making a profit on the products and services you sell to customers, you may want to start thinking about how to grow.
Page Last Updated: 14/04/23.