By Ian Morrison, director of underwriting and risk at Liquid Finance
Small businesses have spoken out, in what has proved to be a definitive night for the Conservative Party. Despite the various predictions, David Cameron has led the Tories to a majority win. For small businesses, this means continued growth & development. For the UK economy, this means prosperity.
The election result sends a very clear and positive message; the Conservatives understand business. However, there is work to be done and the government must continue to invest in small and particularly micro businesses, i.e. the shop owners, the hairdressers, the local pubs, to ensure they are properly supported and can continue to flourish.
But what does this support actually look like?
Funding
We believe one of the biggest factors is funding. Quick & sensible access to funding is key to small business growth. If you're a small hotel and need money for refurbishments, there has to be realistic, credible funding options that support steady growth.
The government has introduced various initiatives including Growth Vouchers and Start Up Loans, but there needs to be more money and more options to deliver continued, tangible growth.
Talent
Finding talented people is challenging. If we don't encourage and support young talent, our economy will suffer. I believe 'on the job training' is a fantastic way for young people to truly learn and experience, which is why the Conservatives apprenticeship programme should receive additional investment, providing a greater number of opportunities for young people.
Continuing what they have started
Encouragingly, the Conservatives can continue the work they have started, which means stability for the UK. Stability at such a crucial time for the economy is critical. Stability promotes growth, encourages foreign investment and for small businesses means positive, on-going support, funding and success.