The Institute’s comments come as the Small Business Service announced it was taking bids for pilot programmes to identify a best practice system for helping businesses become ‘investment ready’ – following publication of the ‘Investment Readiness: helping enterprises access equity finance for growth’ consultation paper.
Michael Groom, president of the ICAEW, said chartered accountants had the skills and first-hand experience to add real value to the project.
‘They will play a key role in shaping future investment support available to small businesses,’ he added.
Clive Lewis, head of the Institute’s Small and Medium Enterprise Unit, said: ‘We support pilot programmes and welcome this step towards providing SMEs with accessible investment advice.’
Lewis said the ICAEW was interested in seeing a model that addressed investment needs and potential on an industry-specific basis.
Professional advisers, finance providers and local business support networks are expected to form partnerships and make bids as ‘Demonstration Projects’, which will be financed from the Enterprise Fund.
Five or six demonstration projects will be supported by the SBS and will educate entrepreneurs and SMEs on the financing options available to them, and help them develop business proposals to present to possible investors.
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