Merely Enterprise, one of many UK’s largest suppliers of small enterprise insurance coverage, right this moment broadcasts the launch of its annual £25,000 Enterprise Increase grant.
The grant is designed to present UK small companies a major serving to hand within the face of wider financial challenges – together with the price of residing rising at an alarming fee, inflation and provide challenges. Small enterprise house owners can submit their entries from right this moment.
A panel of professional judges, which final 12 months included main British businessman, investor and former star of TV’s Dragon’s Den, Piers Linney, and The Apprentice winner Carina Lepore, will resolve on the ultimate winner of the grant.
Entries will shut on 17 August and the winner shall be introduced on 14 October.
The grant is the third iteration from Merely Enterprise. Final 12 months it gave away £25,000 to founders Mo Kanjilal, Allegra Chapman and Rachel Pearson of the range and inclusion consultancy enterprise Watch This Sp_ce.
They beat virtually 25,000 small companies from throughout the UK to the grant, whereas the 2020 prize was picked up by Larissa Cooper of textiles agency Rowan Bay, from Norfolk.
Allegra Chapman, Co-Creator – Watch this Sp_ce stated, “Profitable Enterprise Increase actually took our enterprise to the subsequent degree.
“It gave us the monetary injection we would have liked to develop our audit and coaching platform in order that we will present a really holistic service to organisations trying to make a significant impression with variety and inclusion.
“It additionally helped to lift our profile and get us seen by some very thrilling new purchasers throughout the UK and past.”A latest research from Merely Enterprise confirmed the impression Covid-19 continues to have on UK SMEs, alongside the broader results of the present financial local weather. The important thing findings confirmed:
- Small enterprise house owners now face wider challenges whereas trying to get well – with 70% stating rising prices at the moment are their largest problem, together with provide shortages additionally proving troublesome
- 87% of small enterprise house owners have misplaced cash during the last two years, averaging £20,981 every in whole
- SMEs now say they’ve misplaced practically £21,000 on common, with one in six – totalling virtually a million small enterprise house owners believing they’ll by no means financially get well
- Over a fifth don’t count on to ever return to pre-pandemic ranges of buying and selling
Alan Thomas, UK CEO at Merely Enterprise added, “Small companies are constructed on huge goals, and we all know finance performs an enormous half in beginning or rising a profitable small agency.
“It’s by no means been extra vital to assist the self-employed, with the impression of the pandemic and up to date hovering prices making it a troublesome atmosphere for brand spanking new and current house owners. We need to make a real transformational impression to 1 proprietor’s life. From our analysis, we all know £25,000 does simply that – the typical price for startups in 12 months one alone stands at £22,756.
“The actual fact we had virtually 25,000 purposes final 12 months exhibits how vital it’s to empower the nation’s entrepreneurs, as they appear to navigate a tough financial local weather alongside the day-to-day challenges of being a small enterprise proprietor.
“Small companies play a significant function in our communities and contribute enormously to our economic system. It solely felt proper to return with our Enterprise Increase grant for a 3rd 12 months, having witnessed its constructive impression on two deserving small companies in 2020 and 2021.”