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Government launches new Board of Trade to support SMEs

The new look Board will be charged with helping businesses, including the country’s 5.5 million SMEs, to boost their exports.

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Government launches new Board of Trade to support SMEs
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As part of the Government’s plan to support small businesses and boost global exports, it has launched a new Board of Trade. 

The new look board, announced by the Business and Trade Secretary, will be charged with helping businesses, including the country’s 5.5 million small and medium sized enterprises (SMEs), to boost their exports and help grow the economy as part of the Plan for Change.   

Made up of a range of CEOs and business leaders, each member has been picked due to their expertise and knowledge in their respective fields.   

The board members include Apprentice star and entrepreneur Mike Soutar, BT CEO Allison Kirkby, and Michelle Ovens CBE, the founder of Small Business Britain. 

These advisers will be advocates and ambassadors for their sector, supporting businesses, especially SMEs, so they can trade more and grow.    

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Jonathan Reynolds, Business and Trade Secretary, said:  ”Small businesses are the driving force of our economy, both at a local and national level, which is why, as part of our Plan for Change we’re determined to ensure that all SMEs have the tools at their disposal to thrive.   

“The new Board of Trade will be another tool in our arsenal to get more businesses trading around the world and taking advantage of our fantastic FTAs.

“This won’t be a chin-stroking talking shop, because I’ll be urging them to boost exports and get more SMEs trading across all their sectors.  

“Because we know that when more small firms export, it leads to more jobs and higher wages and grows the economy. ” 

The announcement comes ahead of a flagship policy event at Wilton Park, which will bring together Government, trade bodies, small businesses and other experts to help inform the Government’s wider Small Business Strategy that will be published later this year.   

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The three-day summit is aimed at tackling the everyday issues SMEs face to help them to scale up, grow and thrive.   

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The event will be attended by SME representatives and export champions like Exeat’s Laura Ward MBE, Creative Nature’s Julianne Ponan MBE and Burren Balsamics’s Bob McDonald.  

In addition to this, business groups, local Government officials, representatives from regional Growth Hubs and experts from the world of finance will attend to offer their key insights.

In addition, a major Call for Evidence is being launched today in order to gather information regarding the barriers to finance for small businesses.

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It will look specifically at the current demand for finance, measures the private sector can implement to boost funding, as well as the barriers to growth for hard-to-reach groups including those with disabilities and ethnic minorities.   

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Small Business Minister, Gareth Thomas, said:  “For small businesses, getting off the ground is one of the hardest parts of scaling up, and central to that is the ability to access finance.  

“That’s why this Call for Evidence will be important to allow us to see what more needs to be done to support SMEs so they can go for growth.” 

Reaction:

Simon Groom, CEO of MagnifyB:

“We are delighted to see the Government addressing the critical issue of SME finance.

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“At MagnifyB, we know firsthand the urgent need for change and understand how SMEs can unlock their data in everyday apps, like QuickBooks, to boost productivity, improve cashflow and expand access to finance.

“We look forward to working with the Government to help ensure these insights help widen access to the traditionally underfunded. ” 

Michelle Ovens CBE, Board of Trade adviser and founder of Small Business Britain:

“I am thrilled to be appointed adviser to the Board of Trade and look forward to the honour of contributing to the board’s work.

“In particular, I am excited at the opportunities small businesses have to export and expand, the great growth and ambition we can open up, and the impact this can have on the whole of the UK economy.

“Almost all businesses in the UK are small businesses, employing millions and creating and supporting communities. Work to support their growth supports us all.”

Mike Soutar, Board of Trade adviser, portfolio director and entrepreneur: 

“I’m passionate about helping businesses – particularly fast-growth SMEs – to seize international opportunities.

“The UK has world-class talent, and turning that potential into globally competitive businesses requires the right networks.”

Laura Ward, founder of EXEAT:

“The Department for Business and Trade has been instrumental in EXEAT’s journey as a global exporter.

“By providing us with a comprehensive international toolkit including essential training through the Export Academy, access to funding, and ongoing support from our International Trade Advisor, DBT has set us up for long-term international success and remains a key and valued partner in our global growth. ” 

Dorian Payne, managing director at Castell Group, and 10,000 Small Businesses UK graduate: 

“As a business owner who has grown from zero, through the micro and small stages, to now leading a medium-sized company, I’ve seen firsthand the challenges SMEs face when trying to grow — whether it’s accessing finance, scaling operations, or breaking into new markets.

“SMEs are the backbone of our economy, and it’s vital we create the right environment for them to thrive.

“Discussions like those happening at Wilton Park are essential to breaking down barriers to growth and ensuring SMEs have the support they need to succeed.”

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