I heard on Radio 4 this morning details of the Business Growth Fund to support SMEs. Having spent time looking around the well put together web site – I then navigated to the application bit of the site and this is what it says:
Target companies that typically turnover £10m to £100m per annum and have been operating successfully for two or more years
Firstly, this rules out a massive amount of the SME population, I would guess over 70% and probably more. Secondly, successfully operating for two years or more???? how many companies do you know that have grown to £10M or £100M in two years? This is quite disappointing news for those SMEs who have built up say a sub £5M business over a number of years but have great potential. Achieving £10M in 10 years is a massive achievement – to be honest there are not many of these either.
Just flying off to the moon to get a brew…..Madness