Government scheme will be "vital" to Midlands start-ups
The National Insurance Contributions (NIC) holiday for all new businesses outside London and the South East, which began on 6 September, will provide a vital boost to start-ups in the Midlands, says invoice finance provider Bibby Financial Services.
The company said that it “applauded” the government’s attempts to reduce the barriers for individuals looking to set up a new venture
David Webb, Bibby Financial Services spokesperson for the Midlands, says: “With research showing the Midlands as being one of the regions least resilient to economic shocks the NIC holiday, which is expected to benefit around 400,000 firms nationally, has come as welcome news for start-ups in the Midlands.
“We fully support the scheme and feel it will generate some much-needed entrepreneurial spirit among individuals within the region. With evidence suggesting that the banks are still reluctant to lend, particularly to start-up businesses with limited credit histories, these entrepreneurs must be given as much support and funding as possible from other sources in order to help set up a business and, in turn, stimulate economic growth.”
