As we draw closer to the end of the year, small businesses are continuing to work hard before the holiday season begins. This week has been positive for SMEs with news on investment and plans to help small businesses invest in R&D. Please see below a summary of this week’s news:
- The government has launched a new plan to make it easier for small businesses investing in research and development to claim tax relief. The plan, announced by financial secretary to the Treasury David Gauke, is designed to encourage companies to invest in new product development by reducing the amount of corporation tax they pay by offsetting them against investment into research and development.
- FinTech companies are closing the $2 trillion SME funding gap, according to a white paper released by the World Economic Forum’s Global Agenda Council. The paper titled “The future of FinTech – A paradign shift in small business finance” also revealed that investment for FinTech companies has quadrupled from $4bn in 2013 to $12bn in 2014.
- The State-backed Strategic Banking Corporation of Ireland (SBCI) has announced its second phase of new funding for SMEs with a €50 million equipment, machinery and vehicle finance programme. The programme will allow banks to offer loans at discounted rates for periods of between two and 10 years
Let us know your thoughts on this week’s news. Will you be looking to invest more in research and development? Are you a FinTech company seeing the benefits of the closing SME funding gap? Are you an Irish SME, looking to take advantage of this second phase of funding? You can reach us by commenting below or tweeting at @Fujitsu_UK or @FujitsuSMELady