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Liverpool City Region Mayor Steve Rotheram today welcomed a new government plan to back small businesses.
At the heart of the Small Business Plan is the most significant package of reforms in a generation to tackle late payments, with proposals to introduce the toughest laws in the G7 to combat the issue.
The plan also includes billions of pounds of support to help small businesses thrive and power economic growth – aligning closely with existing Combined Authority initiatives to fuel small business growth and generate high-quality jobs.
Liverpool City Region Mayor Steve Rotheram said:
“Small businesses are the lifeblood of local economies – and in the Liverpool City Region, they’re at the heart of what makes our communities tick. From corner shops and cafes to cutting-edge tech start-ups, they’re the ones creating jobs, training local people, and giving our high streets their buzz.
“But late payments are a major headache, stalling growth and putting unnecessary pressure on businesses, many of whom are battling for survival. So, it’s good to see the government stepping up with proper action to tackle it head-on.
“This plan sends a strong message: we’re on the side of small businesses. And as a region, we’ll keep doing everything we can to make sure they have the tools, the backing, and the support they need to succeed.”
Late payments are one of the biggest barriers to small business growth, causing cashflow problems that stop firms from scaling up and investing in their future. Every day, hardworking businesses close their doors due to not being paid on time.
The new laws are set to give stronger powers to the Small Business Commissioner to empower them to wield fines, worth potentially millions of pounds, against the biggest firms who persistently choose to pay their suppliers late.
As part of the plan, the government is also tackling another major barrier for small businesses – access to finance. Despite the UK’s world-leading financial services sector, many small firms struggle to secure the funding they need to invest, expand, or even survive.
To address this, the government is launching a new £4bn wave of financial support aimed at boosting growth and supporting more small businesses to start up and grow.
This includes a £1bn boost for new businesses, with 69,000 Start-Up Loans and mentoring support to inspire the next generation of entrepreneurs and small business owners.
The British Business Bank will receive a £3bn boost – raising the total lending capacity to £5bn – to help lenders offer more small business loans.
All these measures build on action already taken to create the conditions for businesses to thrive including:
Business support is already a key part of the Combined Authority’s work – much of it funded through the city region’s UKSPF allocation.
Other support initiatives include funds such as the £10m LCR Seed Fund, the £20m Flexible Growth Fund, and specialist support including initiatives provided by the Race Equality Hub and local authority teams.
Through the Combined Authority’s business support service, Growth Platform and by working closely with key partners such as Form, LYVA Labs, and Kindred, the Combined Authority is making it easier for entrepreneurs, start-ups, and businesses across all sectors to unlock their full growth potential. Further support is linked to the Liverpool City Region Innovation Zone and the LCR Freeport.
LCR Business and Enterprise Board Chair David Meyerowitz said:
“I welcome the Government’s clear commitment to supporting small businesses through a package of targeted initiatives. Measures such as increased backing for start-ups, enhanced funding via the British Business Bank to boost business and scale up investment, and long-overdue legislation on prompt payment are not just welcome, they are essential to unlocking sustainable growth and resilience across the board.
“It’s also encouraging to see the introduction of a new Business Growth Service, offering free, expert, and impartial advice. This includes vital local support delivered through the Liverpool City Region Combined Authority’s business support service, Growth Platform. This collaboration will ensure that businesses across our region can access the guidance they need to start, scale, and succeed.”
