Help small and medium-sized businesses start and thrive through better business support, improved access to finance and stronger competition, with fewer market barriers to entry, creating a more entrepreneurial culture
6.1 Help improve the flow of credit to viable small and medium-sized enterprises (SMEs)
6.1.i. £200m continuation of the Enterprise Finance Guarantee in place
Completed
6.1.ii. Develop proposals to support sustainable lending to business and improvements in service for SME customers, working with HM Treasury and industry
Completed
6.1.iii. Green Paper published with HM Treasury on business finance
Completed
6.1.iv. Government response to Green Paper on Business Finance
Completed
6.1.v. Develop policy options to address market failures in provision of bank lending and equity finance to viable SMEs, improving access to finance
Completed
6.1.vi. Simplify publicly funded venture capital funds by bringing funds together at the national level to improve value for money
Completed
6.1.vii. Help the banks set up the business growth fund as soon as possible, developing a credible investment capability and attracting other non-bank investors to support established small businesses with growth potential
Jul 2011
Completed
6.1.viii. First investment of banks' business growth fund in SMEs seeking capital to grow
Jul 2011
Jul 2011
Completed
6.1.ix. Complete the transfer of c.90 venture capital loans from RDAs to BIS
Mar 2012
Completed
6.1.x. Monitor the banks' implementation of the British Bankers Association (BBA) Business Finance Taskforce commitments
Jan 2012
Completed
6.1.xi. Analysis of SME lending data made available by the BBA by region on a quarterly basis and by postcode area on an annual basis
6.2 Make the UK one of the fastest countries in the world to start up a new business, working with Companies House and HM Revenue and Customs
6.2.i. Launch online 'Start up hub' for people looking to start up a new business, co- locating existing online transaction services offered by HMRC and Companies House
Nov 2011
Completed
6.2.ii. Publish online business information in a single place and complete the rationalisation of 'Solutions for Business' products
Completed
6.2.iii. Develop plans to align Company House and HMRC systems to create a 'one-click' registration process for new companies
Completed
6.2.iv. Agree implementation plan for a joined-up company registration service ('one click')
6.3 Rationalise and better target information and advice for businesses
6.3.i. Rationalise and simplify the range of ‘Solutions for Business’ products
Apr 2011
Completed
6.3.ii. Promote the benefits of mentoring and make it easier for small and medium-sized enterprises (SMEs) to find business advice and support from mentors, working with the private and voluntary sectors
Completed
6.3.iii. Ensure those looking to start a business can access the information they need online, including about franchising, published in in an open and standardised format so that it can be re-used for free by third parties
Nov 2011
Completed
6.3.iv. British Bankers Association collate and release first annual data on the number of business mentors enrolled in business support
Dec 2011
May 2012
Completed
6.3.v. Carry out a scoping review of how online businesslink guidance on regulation can be improved
6.4 Ensure that the UK has world-class competition frameworks
6.4.i. Review competition law and the roles of sector regulators with competition powers, including the Competition Commission and the Office of Fair Trading
Completed
6.4.ii. Consult on competition law and the roles of sector regulators with competition powers
Completed
6.4.iii. Analyse consultation responses and develop final review of competition institutions and competition law
Jul 2011
Completed
6.4.iv. Final report published on competition law and the role of sector regulators with competition powers
6.5.i. Support Department for Work and Pensions led trials for the New Enterprise Allowance in Merseyside by facilitating access to mentoring advice and micro-finance loans to enable unemployed people in setting up their own business (including franchises)
Completed
6.5.ii. Trials launched in Merseyside to support unemployed people hoping to set up their own business
Completed
6.5.iii. Develop a proposal for enterprise education in schools, further education and higher education, working with Department for Education
6.6 Introduce a network of Business Coaching for Growth services, targeting SMEs with the potential to achieve rapid and significant growth, and providing strategic advice at key stages in the business development cycle
6.6.i. Develop the infrastructure and award service contracts to deliver the Business Coaching for Growth programme, targeting up to 10,000 businesses per year
Jan 2012
Completed
6.6.ii. Launch and roll out the Business Coaching for Growth programme across England