by Roger House, Federation of Small Business chairman, Kent and Medway region

The FSB has called for the moves to stimulate investment in Kent’s small firms and to strengthen the economic environment – leading to the creation of jobs and growth.

We have called for reform of the enterprise support landscape. Research by the FSB suggests there are more than 800 grant schemes available for small firms at the local level, with no less than 18 national schemes.

While government business support is important, the FSB believes the Business Bank is an opportunity to simplify support and focus efforts on delivery so that good policy intentions have a real impact on the ground.

We asked the Chancellor to set out how the Business Bank will be financed in the long term, suggesting that it must be independent from government with its own source of funding.

Kent FSB has long said the banking sector needs more competition and believes the Business Bank is fundamental to making this happen.

Kent FSB wants to see spending retained in key areas such as skills, exports, broadband and transport. This would provide a long-term commitment to recent policy developments and give small firms greater opportunities to grow.

Specifically, the FSB is calling for:

• Spending on skills to be maintained with funding for Apprenticeships as a key area with employers, rather than providers, drawing down government funding
• Funding to be committed to UK Trade and Investment and a focus on helping the smallest firms export for the first time to meet government targets of 100,000 new exporters by 2020
• On-going investment in superfast broadband to maximise investment opportunities through technical innovation for rural businesses
• Investment in the local road network, targeting those roads with the highest economic benefit, to improve the ability of small firms to move goods and services to support economic growth.

The recent economic picture is more positive than we have seen in a while. The Chancellor must build on this by setting out a long-term vision for on-going investment in key areas such as skills, exports, broadband and the Business Bank.

The bank has the potential to be a game changer in the small business finance market, but only if its aims and funding are clearly set out. We want a long-term plan for how it will be funded to ensure it remains independent, and for the current “alphabet soup” of government initiatives tidied up to create a much more focused offering.