LEP strengthens support

Bondholder the D2N2 Local Enterprise Partnership is partnering with the Institute of Chartered Accountants in England and Wales (ICAEW) to support SMEs.

The strategic partnership aims to encourage business investment, improve access to finance and support investment readiness amongst SMEs.

As part of its role in growing the local economy, D2N2 has identified promoting and improving access to finance for the region’s business base as vital to supporting recovery from COVID-19 and stimulating investment and growth of our economy.

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Thousands of businesses across the D2N2 region have received financial support via government grants, rate relief, and the Job Retention scheme whilst the British Business Bank has issued over £770m of loans to businesses across the East Midlands.

However, an issue remained with small businesses accessing longer-term structural funding for growth such as equity investment, which has prompted the partnership between D2N2 and ICAEW.

ICAEW serves the public interest and works with governments, regulators, and business leaders globally, since founded in 1880. There are more than 186,500 ICAEW Chartered Accountants and trainees around the world, with almost 15,000 chartered accountants in the Midlands region.

Frank Horsley, D2N2 Head of Business and Innovation, said: “I’m looking forward to a long and fruitful partnership between D2N2 and ICAEW.”

“We recognise that longer term financing for small businesses is vital for growth and we have invested in the Midlands Engine Investment Fund via the European Regional Development Fund and working alongside the British Business Bank to stimulate demand.”

“However, more needs to be done to encourage firms to be investment ready.”