Small Business Service (Hansard, 22 October 2002)

§ Nigel Griffiths

The Small Business Service was established on 3 April 2000.

The vision of the SBS is for the UK, by 2005, to be the best place in the world to start and grow a business. Its purpose is to build an enterprise society in which small businesses thrive and achieve their potential.

The SBS will review its priorities regularly in response to the needs of small business. In line with the requirement for Executive Agencies to be given operational targets, I have set the following targets for the 2002–3 year:- Publish by October 2002 a strategy for the SBS for the years 2003–4 to 2005–6. 10 per cent. increase in the number of people aged under 30 years participating in Enterprise Insight, Young Enterprise and STEP. Implement the small firms litmus test across government by March 2003. Reduce the gap in business start-up rates between the most and least disadvantaged local authority wards by 1 percentage point a year. 249W By end 2002–3, establish and implement an accreditation system for Community Development Finance Institutions to enable businesses to benefit from the community investment tax credit in the 2002 Budget. Launch the "Bridges" Community Development Venture Fund (formerly known as the Community Development Venture Fund) by June 2002. Publish an action plan in response to consultation on a national strategy for start-ups by October 2002. Increase the market penetration and overall customer satisfaction level of the business Link operator network over 2001–2 levels. Improve small business access to finance, through: the 6 remaining Regional Venture Capital Funds to be launched by 31 December 2002; 6 Investment Readiness demonstration projects to be underway by September 2002; Early Growth funds to invest in 200 small businesses by March 2003. Achieve recognition as an Investor in People in 2002–3. Improve on prompt payment performance from 2001–2 to achieve payment of 100 per cent. of valid invoices within 30 days.