Many small and medium-sized businesses (SMB) may be missing out on growth opportunities, due to a lack of knowledge about government initiatives and support mechanisms.
Research conducted by AXA Business Insurance reveals that almost half of SMB leaders had no knowledge of the coalition's move to reduce red tape, while a quarter had no idea that the rate of corporation tax has been cut.
Around a third of SMB owners surveyed said they had never heard of enterprise zones, and just one in four were aware of the government-funded super-fast broadband rollout.
Some 17 per cent admitted they had no knowledge of apprenticeship initiatives, while 49 per cent had not heard of funding for lending schemes.
Another 53 per cent were unaware of plans for a Business Bank, 71 per cent lacked knowledge on crowdsource or crowd funding, and just 46 per cent knew about peer-to-peer lending.
Darrell Sansom, managing director of AXA Business Insurance, said the number of SMBs in the UK "continues to climb rapidly".
"But it seems that many could be missing opportunities to help their business along the way through a lack of awareness of the support that may be available to them," he stated.
"We are also concerned that among those that are more aware, many are not seeing the benefit that they would want."
Mr Sansom said AXA is keen to see SMBs grow and develop into bigger and healthier concerns - companies which can have a significant positive impact on communities and the economy.
"We would urge government to ensure that the various support schemes that have been created for SMBs receive the commensurate degree of promotion and awareness to support what is the heart of British Business," he stated.
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Posted by Jenny Arthur