The report from private equity firm Key Capital Partners found that 80 per cent of SMEs believe the government bill will provide them with greater access to funding. In fact, 95 per cent back the proposal. The purpose of the bill, to be implemented sometime next year if it passes, is to reduce ‘red-tape’ around growing businesses, which it will carry out with reforms to the Employment Tribunals system and employment practices. It will also look to improve access to finance and help achieve UK business expansion overseas. “SMEs have often struggled with accessing the finance necessary to maximise growth, and up to this point they have received little in the way of assistance from the government. However, our results show that the measures in the small business bill are a step in the right direction. With the government now standing firmly behind SMEs, growth continues to be a talking point for many businesses,” Peter Armitage, partner at Key Capital Partners, said. The Public Bill Committee is set to review the bill this November. A summary of the legislative process and policies can be found here.
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