Small Business Service (Hansard, 10 July 2001)

§ Nigel Griffiths

The Small Business Service was established on 3 April 2000 as an Executive Agency. It has had a successful first year and the first annual report has today been placed in the Library of the House.

The vision of the SBS is for the UK 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 objectives of the SBS are: to be a strong voice for small business at the heart of Government, ensuring that Government is aware of, and responsive to, the needs of all small businesses; to strive for a regulatory framework which minimises the burdens on business; to develop and maintain a world-class business support service to enhance businesses' competitiveness and profitability; and to champion the importance of entrepreneurship across society, particularly in under-represented and disadvantaged groups.

The SBS will review its plans 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 2001–02 year: Put in place a set of actions for reforming the regulatory environment for small businesses by March 2002. Customer satisfaction at least 80 per cent. for all services. Unprompted and prompted awareness of Business Link branded services among small businesses to rise to 20 and 80 per cent. respectively by March 2002. All advisers delivering BL services meet new standards by April 2002. Develop new funding streams to help plug the financing gap for start-ups and small growing firms; first investments for early stage financing of growth by December 2001. Launch new Business Incubation Fund, by September 2001, and announce first loans by December 2001. Increase accessibility of support, including loan finance, in under-invested areas, and have at least 105 projects, including 15 Community Finance Initiatives, covering all the English regions up and running by March 2002. 100 per cent. of valid invoices to be paid within 30 days.