More funding streams for smes welcomed

THE government’s latest announcement to create a new business bank with £1bn of funding has been welcomed by Michelin, as the company suggests the fund could help to fuel a positive business culture in the UK.

However Michelin, which offers financial support to small businesses in close proximity to its UK sites through its Michelin Development Fund, highlights that businesses can benefit from access to other well-established funding routes, which may offer more than just financial support.

Mike Cole, head of the Michelin Development Fund said: “We strongly believe there should be alternative funding routes for businesses, aside from the banks and that larger UK businesses can also play their part in encouraging enterprise.

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“For example, Michelin Development was established 10 years ago for the purpose of driving job creation and supporting the establishment and growth of SMEs. These are the principles we still stand by today, with the fund focused on supporting the local economies around our UK manufacturing sites. In many cases, the companies we have helped have come to us because of the additional support, advice and guidance we provide to them.

“A company’s CSR activity needn’t just be focused on charity work. Michelin Development is an example of what a big business can do to help their smaller neighbours, and we would urge those who enjoy substantial financial strength to leverage their position to help ensure the prosperity of the wider local business community.

“After all, SMEs account for 99 per cent of the business landscape so their contribution to the economy is invaluable,” he said.