Small businesses are key to North East’s future
Small and medium businesses make up 99 percent of the North East’s companies and employ over a million people.
They’re the heart of the region’s economy.
The government’s new Small Business Plan, Backing Your Business, is designed to support growth, skills, and long-term resilience.
The plan focuses on five main areas: removing barriers, making finance easier to get, supporting local economies, building future skills, and creating new opportunities.
It includes ideas like tougher rules on late payments, new Start-Up Loans, better access to equity finance, licensing reform, digital upgrades, apprenticeships, and help with exporting.
One practical step is the new Business Growth Service, which aims to make it easier for businesses to find the support they need, something long called for.
If done right, it could fix the problem of support being scattered and confusing.
The plan also highlights growing local areas, revitalising high streets, and encouraging inclusive entrepreneurship. A £1.2 billion investment in skills and apprenticeship reform shows that a strong economy depends on a workforce ready for the future.
While the plan sets out a strong vision, success will come down to how well it’s delivered.
The government is consulting on late payment rules until 23 October, and the Chamber will respond on behalf of North East businesses.
Whether you are a small business or a multi-national market leader, Drum Business Park is the perfect place to locate and run your business.
enquiries@drumbusinesspark.co.uk
03000 261261