Exciting new initiatives for small businesses ahead of Small Business Saturday 

This week marks Small Business Saturday, and there is good news for small business owners.  

The Government has unveiled measures aimed at helping small and medium-sized enterprises (SMEs) overcome common challenges and seize new growth opportunities. 

Among the highlights is the launch of the Fair Payment Code, designed to tackle the £22,000 in late payments SMEs face on average each year, and the introduction of the Disability Finance Code, which seeks to make funding more accessible to disabled entrepreneurs. 

These steps are part of an effort to level the playing field for small businesses and improve their ability to contribute to the UK’s economic recovery. 

What do these changes mean for your business? 

Fair Payment Code 

Late payments are a longstanding issue for small businesses, with many struggling to maintain cash flow and avoid financial difficulties as a result.  

The new Fair Payment Code addresses this by introducing a tiered rating system – gold, silver, and bronze – to recognise businesses with strong payment practices and help SMEs identify reliable partners. 

For businesses battling overdue invoices, this could be transformative, offering greater financial stability and more time to focus on growth. 

Disability Finance Code 

Disabled entrepreneurs often face barriers when seeking finance.  

The Disability Finance Code, backed by major banks including Barclays and NatWest, aims to break down those barriers.  

By enhancing access to funding, providing mentoring, and spotlighting success stories, the code seeks to unlock £230 billion of untapped economic potential. 

This initiative offers disabled business owners fresh opportunities to access the support they need to thrive. 

Additional measures to support SMEs 

Other updates include: 

• Extended business rates relief and a record £10,500 Employment Allowance aim to reduce costs for small firms. 

• A partnership between Female Founder Finance and UK Export Finance will provide no-cost services to help women-led businesses secure funding and build valuable networks. 

Making the most of these opportunities 

These measures are only as impactful as the actions businesses take to leverage them. 

Here are some steps to get started: 

• Sign up for the Fair Payment Code and adopt practices that encourage prompt payments. 

• Disabled entrepreneurs should investigate the financial products and mentoring opportunities available under the Disability Finance Code. 

• Ensure you are making use of the Employment Allowance and other reliefs tailored to small businesses. 

Want to learn more about these initiatives and how they could benefit your business? Contact us today for advice and support.