Key Takeaways:
- Simply Business announces a whopping £25,000 Business Boost grant to help SMEs navigate through the economic storm.
- A grim statistic reveals that 25% of SME owners are on the brink of shutting down unless business prospects brighten by the year’s end.
- An all-star judging panel, featuring the likes of Baroness Karren Brady and Mark Maciver, will choose the deserving winner.
Understanding the Economic Strain
The turbulent waters of the UK’s economic climate have brought about increasing challenges for small businesses. Rising living costs, escalating energy bills, and a myriad of supply issues are just the tip of the iceberg. Data from Simply Business’s recent SME Insights Report has shed light on the dire situation: a staggering 26% of UK small businesses could be forced to close their doors permanently if conditions don’t improve. The figures are even more daunting when considering that SME owners are currently owed £32.1 billion in late payments.
The Business Boost Grant: A Game Changer
For the fourth year running, Simply Business, one of the premier providers of small business insurance in the UK, has unveiled its Business Boost grant. This annual competition bestows a substantial £25,000 cash prize to one fortunate small business, aiming to alleviate some of the financial burdens they currently face. Last year’s recipient, Y.O.U Underwear’s Sarah Jordan, vouches for the transformative power of the grant. For her sustainable underwear venture, the grant was a catalyst in realizing a circular fibre-to-fibre recycling programme, while also elevating other facets of the business.
An Esteemed Judging Panel
The onus of selecting the most deserving grant recipient falls on an illustrious judging panel. The lineup includes Baroness Karren Brady, Simply Business’s Small Business Ambassador; Mark Maciver, the brains behind SliderCuts; and Hapreet Kaur, victor of BBC’s The Apprentice 2022 and co-founder of Oh So Yum. Sarah Jordan, last year’s grant beneficiary, will also contribute her insights as part of the panel.
Speaking about the grant, Baroness Brady CBE commented, “The Business Boost initiative is more crucial than ever. Small businesses have been grappling with post-pandemic recovery and other economic uncertainties. This grant not only offers a tangible financial relief but also throws a spotlight on the myriad challenges small businesses face today.”
The Scope and Impact of the Grant
Alan Thomas, the UK CEO at Simply Business, underscored the significance of financial support for small businesses. “Considering the economic milieu, we aim to make a genuine, transformative impact on a business owner’s life,” said Thomas. With the average first-year startup costs standing at £22,756, the grant can be a vital shot in the arm for many SMEs.
Having witnessed the overwhelming response over the past three years, with over 75,000 applications, it’s evident that initiatives like Business Boost are imperative. SMEs are the lifeblood of the UK economy, and providing them with necessary resources and support is crucial for the nation’s economic well-being.
Seizing the Opportunity
For small businesses hoping to get a slice of this financial lifeline, entries for the Business Boost grant are open till 11th October 2023. The winner will be unveiled on 7th December.
To delve deeper and perhaps throw your hat in the ring, visit www.simplybusiness.co.uk/business-boost.
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