Joe Phelan, money.co.uk business loans expert says:
“The government has unveiled a revamped Board of Trade and a new SME strategy aimed at helping the UK’s 5.5 million small businesses access finance, boost exports, and scale up.
The initiative is designed to break down barriers to growth – but what does it mean for your bottom line?
Here’s how these changes could impact you.
Easier access to finance
The Board of Trade is bringing together business leaders and trade experts to drive SME success. Advisors include BT CEO Allison Kirkby and Small Business Britain founder Michelle Ovens CBE, who will advocate for small firms to get better access to funding and growth opportunities.
Alongside this, a three-day SME summit is taking place to shape government policy, which aims to tackle “the everyday issues SMEs face” when it comes to scaling. The outcomes of this will be published later this year.
Topics will include:
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Encouraging entrepreneurship and digital transformation
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Strengthening business support services to drive growth and productivity
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Making it simpler and faster for small businesses to secure funding
For business owners, this could mean more funding opportunities and fewer barriers when applying for loans or investment.
The government is looking to address this, and has announced a Call for Evidence to explore how SMEs, particularly those from underrepresented groups such as ethnic minorities and people with disabilities, can access finance more effectively.
More export opportunities
As part of the initiative, the government is also putting a strong focus on getting more SMEs trading internationally. The new Board of Trade will aim to increase the number of businesses exporting by offering tools like:
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Easier access to export finance to support international expansion
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Government-backed training and support through the Export Academy
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Networking opportunities to connect SMEs with global trade advisors
If you’re considering exporting, this could mean better financial backing and tailored support to help you enter new markets. Start by exploring government resources such as UK Export Finance (UKEF), and consider a business bank account that supports international transactions and currency exchange.
Tackling late payments to improve cash flow
One of the biggest financial struggles for SMEs is late payments, something which, according to FSB research, leads to 50,000 business closures a year. The government has already pledged to tackle this issue head-on, with plans to launch a major consultation on the matter.
In the meantime, SMEs can protect cash flow and reduce financial strain by:
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Implementing robust payment terms and ensuring clear invoicing policies
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Exploring financial tools and credit options, such as invoice financing or a business credit card
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Securing the right business insurance to stay protected
What can you do now to strengthen your business finances?
While these government initiatives take shape, business owners can take immediate steps to improve financial resilience:
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Compare business credit cards: A well-chosen card can offer valuable rewards, lower fees, and flexible repayment options, helping to manage expenses more effectively.
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Explore business loans: Whether through government-backed schemes or alternative lenders, securing the right financing can provide the necessary capital for growth and operations.
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Open a business bank account: Look for accounts that come with perks like fee-free international transactions or tools to streamline cash flow management, making day-to-day finances easier to navigate.
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Consider export finance: If expanding internationally is part of your plan, exploring financial products designed for global trade can smooth the path to growth and help manage cross-border transactions efficiently.
The government’s renewed focus on SMEs will be seen by many business owners as a welcome morale boost and should provide a valuable opportunity for small businesses to secure better funding, improve cash flow, and expand into global markets.
While it’s a promising step, businesses can take action now — by reviewing their financial options, strengthening their cash flow, and exploring export opportunities — to ensure they are well-positioned to benefit when these measures eventually take effect.”