The government wants to use investment in small and medium sized enterprise (SMEs) to drive economic growth, and has announced plans to launch a new enterprise research centre.
The Enterprise Research Centre will be a joint collaboration between the Department for Business, Innovation and Skills (BIS) and the British Bankers’ Association.
The Economic and Social Research Council (ESRC) and the Technology Strategy Board will also contribute to the £2.9 million project which will help shape government SME policy in the future.
“The Government is committed to boosting enterprise and giving entrepreneurs the right environment to be successful and grow,” said Mark Prisk, the Business and Enterprise Minister.
Proposals for the research centre are now being accepted by the government, which is calling on academic institutions to submit applications.
The government hopes the collaboration with partners and academic institutions will it help deliver effective policy for SMEs, to boost the British economy.
“Research is vital to ensure that Government makes evidence based decisions about how to develop these schemes and improve the business environment in the UK,” added Mr Prisk.
“By collaborating with partners and bringing together leading academics we will be able to formulate long term policy that will help to stimulate economic growth in the UK.”
The multi-million pound project is also backed by the British Bankers’ Association (BBA), which has said will use outcomes of the research centre to better serve business customers.
“Information is key to delivering investment and for targeting help and support where it is needed most,” said Angela Knight, chief executive of the British Bankers’ Association.
“The British Bankers’ Association and major UK banks are delighted to support the Enterprise Research Centre, an initiative which will see research focusing on small and medium sized enterprises.”
The Enterprise Research Centre is part of the government’s overall plans to boost small and medium sized businesses and enterprises, which it believes will fuel economic growth in the UK.
Research by Santander Corporate Banking recently found that small businesses contribute hugely to the British economy, providing jobs and fuelling economic growth.
“We are creating a network of thousands of business mentors and providing quality coaching to a range of high growth potential businesses,” added Mr Prisk.
“We are also launching a £10 million startup loan scheme to provide young people with a range of business support and access to a small amount of capital to start their business.”