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Recruitment industry broadly welcomes SME support from Government

Recruitment industry broadly welcomes SME support from Government
The Government's announcement of support for Small and Medium-sized Enterprises (SMEs) is an important first step to helping create a thriving environment for small companies, according to Bradley Placks, Managing Director of MyResoucer.com.His cautious support for the initiatives follow Business Minister Mark Prisk MP speech to a Summit for Small Business which took place yesterday which aimed to clarify how measures being introduced across government will help Britains five million small and medium companies grow out of recession.Bradley Placks stated: "For too long the so-called SME sector has been overlooked at best and ignored at worst by government despite the fact that they provide 60 percent of jobs in the UK and half the countrys GDP. The announcements made yesterday are a positive step forward and there can be no doubt that the proposed joined up approach should help provide SMEs with better support from across government, he added. The Department for Business Innovation and Skills (BIS) has identified that 60% of SMEs wish to grow over the next three years. This is where the vital role of the recruitment industry comes to the fore as it plays a critical force in driving the engine of growth.Prisk stated at the event: As a former small business owner I know how important our SMEs are to the growth of this country. I entered government with the goal of making this the most entrepreneurial decade in our history and Im confident todays announcements will help make that a reality.Bradley added: Ultimately growth will require job creation and to help with this the Government revealed broad ranging initiatives to ease the path to growth and show that they understand the challenges being faced by companies across the country.The Department for Business, Innovation and Skills announced three major policies to improve access to finance, make it easier for SMEs to do business with the public sector and allow social tenants to start up their own businesses from home.In one specific area that of SMB finance a consultation paper, Financing a Private Sector Recovery - was launched in July and its findings were announced yesterday, specially that:  * The Government will continue with the successful Enterprise Finance Guarantee (EFG) for the next four years, making around 2bn available to viable small companies without a credit history or collateral. This will provide support to 6,000 SMEs a year.
* The Government will commit a further 200m to Enterprise Capital Funds supporting equity investments in the highest growth potential businesses over four years.
* To encourage business angel investments the Government is welcoming the joint bid of business angels and the Governments SME investment arm, Capital for Enterprise, for a co-investment funds as part of the Regional Growth Fund to support angel investments into high growth potential early stage SMEs, particularly in areas worst affected by public spending cuts.

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