The Government has launched a new £200m programme to support growth at 26,000 small and medium-sized firms.
Launched by Business Secretary Vince Cable, GrowthAccelerator will contribute towards the cost of consultancy to help firms to identify their barriers to growth and find ways to overcome them. The cost to firms involved will vary according to their size, with a team of growth coaches covering every sector.
Companies will also be able to work with the Technology Strategy Board, Catapult Centres and relevant networks such as Angel Investors as part of the scheme. Help will be provided around securing finance, management capability and commercialising innovation or developing leadership. The expected timeframe for each firm on the scheme is expected to be between six and 12 months.
“GrowthAccelerator is a new programme to help businesses deliver growth by increasing their chance of gaining access to finance,” said Dr Cable. “The £200m programme will deliver high quality coaching to a range of businesses that will help them grow and give the economy a real boost.”
To join the project, companies must demonstrate to the Department for Business, Innovation and Skills that they are capable of rapid and sustainable growth.
To qualify firm must be:
- Be registered in England
- Employ fewer than 250 people
- Have a turnover less than £40m
How much will it cost the companies involved?
- Micro and start-up businesses (up to 9 employees) – £600
- Small businesses (10 to 49 employees) – £1,500
- Medium-sized companies (50 to 249 employees) – £3,000
Website – www.growthaccelerator.com