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<p>As the report notes, the family business sector is vital to the UK economy, employing
over 13 million people and generating more than a quarter of the nation’s GDP. In
May this year, I attended the All-Party Parliamentary Group for Family Business and
discussed a range of issues including access to external finance. The authors of the
Report, The Institute for Family Business, are also a member of the BEIS SME Advisory
Board, who last met on 24 June.</p><p>As part of the modern Industrial Strategy, this
Department’s aim is to improve access to finance for all UK businesses, including
family-owned businesses. The Government-backed British Business Bank supports more
than £6.4bn of finance to over 85,000 SMEs. The Bank’s online Finance Hub also helps
small business owners identify potential sources of finance via the finance finder
web tool.</p><p>The Business Bank has also established a UK Network, with team members
based within each of the English regions and the three Devolved Nations. The UK Network
works with small business finance intermediaries to enhance business finance ecosystems
across the UK, so smaller businesses, wherever they are, can grow and prosper.</p><p>In
addition, Government has actively supported and invested in the creation of 38 Growth
Hubs (one in each Local Enterprise Partnership area), providing businesses across
England support and advice via a free and impartial, local single point of contact.
At the end of FY18/19, Government had invested £56.4 million in Growth Hubs.</p><p>The
Government provides support and advice to all types of businesses through our core
services including GOV.UK, the Business Support Helpline and Growth Hubs operating
in England.</p>
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