In a previous blog we looked at how critical funding is for the successful growth and survival of social enterprises. Towards the end of last year, the Government announced they were going to cut the Business Growth Accelerator Scheme.
We look into what effect this will have on the third sector and what CAN are doing to help bridge the gap for VCSE’s.
The Governments Growth Accelerator Scheme launched in 2012 and was a £200 Million scheme providing support to small businesses in the UK to help them reach higher levels of growth. Under the Growth Accelerator scheme, SMEs had the opportunity to receive double the amount of investment they put in. In November 2015, the chancellor announced that the service was to be withdrawn, leaving small business reeling and concerned for their future.
Andrew Croft, Chief Executive, CAN commented:
“Government has positioned itself as a champion for small business and social enterprise but closing the Growth Accelerator scheme will leave many small businesses with huge potential out in the cold.”
CAN are here to help:
In September we launched CAN3, an amalgamation of key services from our CAN Mezzanine and CAN Invest programmes, providing subsidized office space and invaluable business support and investment to help accelerate growth for VCSE’s, faster and easier than ever before.
We developed CAN, a completely new concept, because we understand the challenges social enterprise face to grow and increase their impact. This decision by the Government highlights the importance of services such as CAN3, and we are proud to provide support and accessibility to funding to keep social enterprises growing and thriving and driving change in the economy.