The national business network decides the Chancellor will bring back the slow growth of business in the autumn statement
The National Enterprise Network (NEN) has urged Chancellor Rachel to use the autumn statement this month to bring a new wave of support to small and medium-sized businesses (MSBs) – that is “The recovery of rising costs and access to finance.
Representing a nationwide network of local business associations and business support organizations that together cover 98% of the UK, Nen Actions “Investment, access to financial infrastructure, and financial infrastructure.
The move comes as 5.45 million UK companies – accounting for more than 99% of all private sector businesses – face increasing pressures from rising inflation, short-term cash flows and the costs of adapting to the environment.
“Small businesses and micro-enterprises are the engine of the UK economy,” said Alex Till, chairman of the national business network. “But their success depends on the ecosystem that supports them – business agencies, business services, and community service centers that help people take their first steps into churches.”
The most important policy matters
Empowering small businesses to grow and prosper
NEN is seeking a small business growth permit to encourage firms to reinvest in digital capital, capital growth and investment, alongside increased funding for rural and vulnerable localities.
It also proposes a Business Resilience Fund to help firms manage climate-related forces and pressures, as well as easier access to existing government loans, grants and training programs. The network is urging the Treasury to extend business value assistance to very small firms in high-cost areas.
A particular focus is on the future of the shared and managed workplace, which NEN describes as “the first run of the Enterprise Ladder”. Most of these community hubs – often run by non-profit organizations – are threatened by business pricing and operating costs.
The group wants the Government to review the treatment of business rates for active and managed spaces and to introduce relief for community service providers and non-profits.
Improving access to finance
Nen is pushing for changes to the Enterprise Financial Guarantee (EFG) to make small loans (under $50,000) more accessible, and the introduction of a small tax relief program to encourage private investment.
It also requires greater awareness of community development financial institutions (CDFIS) and the creation of a digital financing system to help small firms with payments, invoicing, and cash systems.
Reinforcement skills and support networks
Submissions recommend funding Bootcamps for business skills
To ensure long-term sustainability, the network seeks an infrastructure support fund that provides annual contracts for local business agencies and business hubs, as well as a capacity-building grant fund to help them develop digital systems and impact measurement tools.
Accelerating the Net Zero Transition
Nen’s final proposals focus on helping small firms manage the costs of Decalbonation. It calls for a small business Energy Defense Fund and temporary cost relief for microbusinees in a wide range of energy sectors.
It also seeks funding for local business organizations to deliver net zero advisory services, to help firms comply with environmental standards while remaining competitive.
“Without action – especially prices around the Business Reform for Shared Workplaces and continued funding of business support infrastructure – the UK risks losing some quality networks,” it added.
Central to Nen’s mandate is the need to support supporters – local business structures and community business hubs that provide support for Britain’s former British entrepreneurs.
By adopting its recommendations, the organization says the Treasury can strengthen both the foundations of small business and infrastructure underpinnings, helping to secure a “more inclusive” UK.
