Small businesses really are at the heart of our national economy. The Federation of Small Businesses estimate there are around 4.8 million across the country and here in Thanet and Sandwich, we are no exception. We have an impressive array of small, entrepreneurial firms, which employ thousands of local people. Thanks to a new package of incentives on offer, I am hopeful that many more businesses will elect to establish and expand across our Isle.
On Friday, around 140 businesses gathered at Hornby for the launch of the Regional Growth Fund - £40 million to help support and create local jobs. Having lobbied hard through the Sandwich Taskforce for the funding, I made a commitment in Parliament that the money would be distributed transparently through an un-bureaucratic application process. We need to ensure the money fulfils its purpose – to support existing businesses wanting to expand and attracting new businesses to the area.
Friday’s launch marked the start of this new approach. With springboard grants of up to £25,000 for new start-ups or small businesses, and larger sums available for investment and growth from Spring 2012, we have an opportunity to attract exciting companies to Thanet and create new jobs. To match this economic package, The UK Trade and Investment body is to embark on an ambitious global marketing project. The incentives on offer for businesses in Thanet must be profiled through all our embassies, brochures highlighting the skills and business sectors of our area must be developed, we as ambassadors for Thanet need to go out and promote the benefits of our region. Having secured this economic package now is the ideal time to promote Thanet internationally.
From our life science and low carbon technology hub to our tourism attractions and world class brands – we have established sectors, which could serve as anchors for additional businesses. The Government recognises that small businesses are the cornerstone of our economic growth and recovery and is assisting Thanet with the tools for regeneration. The Treasury and Department for Business, Innovation and Skills recognise East Kent’s economic potential, businesses and inward investors would be wise to do the same. We are now on the map!