§ Brian Cotter: To ask the Secretary of State for Trade and Industry if she will list the small business support schemes funded by her Department open to new business. [163199]
§ Nigel Griffiths: The small business support schemes currently available are:
- Small Firms Loan Guarantee
- Grant for Research and Development
- Grant for Investigating an Innovative Idea
- Knowledge Transfer Partnerships
In addition, the following five schemes will be available from April:
- Knowledge Transfer Networks
- Collaborative R&D
- Access to best business practice
- Support to implement best business practice
- Selective finance for investment in England
§ Mrs. Curtis-Thomas: To ask the Secretary of State for Trade and Industry what action her Department has taken to improve access to finance for small businesses; and if she will make a statement. [163318]
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§ Nigel Griffiths: The DTI has taken a number of steps to improve SME's ability to access investment capital. These include the Regional Venture Capital Funds, UK High Technology Fund, The Community Development Venture Fund (known as the Bridges Fund), Community Investment Tax Relief, Investment Readiness Pilots and Early Growth Funds. We are currently also developing the Enterprise Capital Funds as announced in the 2003 pre-Budget report.
Following our review of business support the Department has built on the success of the Smart scheme and replaced it with two new products, Grant for Research and Development and Grant for Investigating an Innovative Idea. The grants available under the new products are potentially bigger than under Smart. During the last two years the number of individuals and small businesses supported annually through Smart and the new products has increased by almost 50 per cent. In addition, the Department has also built upon the success of the Small Firms Loan Guarantee scheme by raising the amount available to manufacturing businesses and extending the scheme to new sectors such as child care and nursery education.
Recently, the Government have taken action to support small business via a wide range of initiatives, as outlined in "The Government Action Plan for Small Business", published on 8 January and available on the Small Business Service Website (www.sbs.gov.uk). It provides a comprehensive account of the significant Government help being made available to small businesses.